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i <br /> i <br /> I <br /> I <br /> I <br /> thereof being offered and to award the sale of the Bonds or the portion thereof being offered to the bidder offering <br /> i <br /> the lowest interest cost therefor, in accordance with the applicable Notice of Sale, if any; provided that the <br /> Director of Finance may reserve the right to reject any and all bids. Subject to the provisions of Section 3 hereof, <br /> without further action of the Council, the Bonds shall bear interest at the rates per annum as specified in the <br /> contract or contracts approved or in the bid or bids accepted. The Director of Finance and all officials of the <br /> County are hereby authorized to take such action and execute such orders,receipts and other documents as may <br /> be necessary in order to effectuate the sale of the Bonds or any portion thereof, and, if any contract therefor be <br /> approved or any bid therefor be accepted,the preparation,execution and delivery thereof,in accordance with the <br /> provisions hereof and applicable law. <br /> Subsequent to the sale of any of the Bonds,the Director of Finance shall report the results of <br /> such sale to the Council by letter. From and after the date the Director of Finance shall have accepted a bid <br /> for a series of Bonds, or shall have entered into a negotiated contract for the sale and purchase of a series of <br /> Bonds, the Council will take no action to modify, supplement, amend or repeal the provisions of this <br /> ordinance in a manner which would have an adverse effect on the ability of the County to perform its <br /> obligations under such accepted bid or contract. <br /> SECTION 8. Authorization of Bond Anticipation Notes. General obligation bond <br /> anticipation notes are hereby authorized and approved for issuance and sale by the Director of Finance, without <br /> further authorization or approval from or action by the Council, in anticipation of the issuance and sale of the <br /> Bonds authorized herein and the receipt of the proceeds of the sale thereof,for the purposes for which the Bonds <br /> have been authorized herein. The issuance, sale and details of the Notes, as determined by the Director of <br /> Finance, shall be governed by Section 47-16, Hawaii Revised Statutes, as amended. Bonds in anticipation of <br /> which the Notes are authorized and issued hereunder may be issued and sold in accordance with the provisions <br /> of this Ordinance at any time within five years of the date of issuance of the first Notes issued in anticipation of <br /> such Bonds. <br /> SECTION 9. Security for the Bonds and the Notes. The full faith and credit of the County <br /> is hereby pledged to the payment of the principal of and interest on the Bonds and the Notes,and such principal <br /> and interest payments shall be a first charge on the General Fund of the County. <br /> 4 <br />