RES 618 Draft 01 2020-2022 - Laserfiche WebLink

Home

for payment of incidental expenses incurred with respect to the District (as more fully described in the Ordinance of Formation, the "Incidental Expenses")to fund all or a portion of the costs (including "Incidental Expenses" as defined in the Ordinance of Formation); and WHEREAS, as provided in the Bond Ordinance, the authorization to issue each series of Bonds is subject to the further approvals and authorizations set forth in this Resolution; and WHEREAS, at the request of the Petitioner, the County proposes to issue and sell an initial series of the Bonds (the "Series 2022 Bonds") in an aggregate principal amount not to exceed $14,425,000; and WHEREAS, in connection with the proposed issuance and sale of the Series 2022 Bonds, there have been presented at this meeting forms of(a) the Indenture (the "Indenture") between the County and U.S. Bank Trust Company, National Association, as trustee, pursuant to which the Series 2022 Bonds and any future series of Bonds are to be issued, (b) the Preliminary Limited Offering Memorandum (the "Preliminary Limited Offering Memorandum")to be disseminated to potential investors in connection with the marketing of the Series 2022 Bonds, (c)the Bond Purchase Agreement(the "Bond Purchase Agreement") pursuant to which the Series 2022 Bonds will be sold, and (d)the respective Continuing Disclosure Agreements of the County and the Developer(each, a"Disclosure Agreement") relating to the requirements of Rule 15c2-12 of the Securities and Exchange Commission; and WHEREAS, the Council of the County intends hereby to approve the proposed issuance and sale of the Series 2022 Bonds and certain matters pertaining to such issuance and sale; now, therefore BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that the issuance and sale of up to $14,425,000 aggregate principal amount of Series 2022 Bonds is hereby approved, such Series 2022 Bonds to be issued and sold at such time and upon such terms as shall be determined by the Director of Finance in accordance with the Bond Ordinance, the Indenture and the Project Funding Agreement; provided that (i) the Series 2022 Bonds shall finally mature not later than May 15, 2052, (ii)the true interest cost of the Series 2022 Bonds shall not exceed 9%per annum, (iii)the maximum redemption price for the Series 2022 Bonds shall not exceed 103% of the principal amount thereof, and(iv) the maximum underwriting discount at which the Series 2022 Bonds are sold by the County shall not exceed 3%. It is expressly understood that the Bonds, including the Series 2022 Bonds, shall be limited obligations of the County payable solely from, and secured solely by, the 2