BIL 074 Draft 01 2024-2026 - Laserfiche WebLink

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SECTION 4. Redemption of Bond. In the event the Bond shall be subject to prior redemption and if such Bond, or portion thereof, is to be redeemed, notice of redemption shall be given in such manner as the Director of Finance shall determine. If the Bond shall have been duly called for redemption and notice of such redemption duly given in the manner determined by the Director of Finance, and if moneys for the payment of such Bond at the then applicable redemption price and the interest accrued on the principal amount thereof to the date of redemption are made or duly provided for by the County, interest on such Bond shall cease to accrue and become payable from and after the date fixed for redemption. SECTION 5. Payment of Bond. The principal of and interest and premium, if any, on the Bond shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. SECTION 6. Execution and Form of Fully Registered Bond. The Bond shall: (1) Be lithographed or steel engraved, typewritten, printed or otherwise reproduced as the Director of Finance shall determine; (2) Bear the manual signature of the Director of Finance; (3) Bear the manual or facsimile signature of the Mayor of the County; and (4) Be impressed with or bear a facsimile of the seal of the County. The Bond shall be in the form of the Bond and the assignment shall be substantially in the form of EXHIBIT A, attached hereto, with such appropriate insertions, variations, and omissions as are required or deemed advisable by the Director of Finance. SECTION 7. Sale of Bond. To secure the payment of the USDA Loan from USDA without any further authorization from or action by this Council, but subject to the provisions hereof and of applicable law, the Director of Finance is hereby authorized to issue and sell the Bond at a negotiated sale to USDA in accordance with the provisions of section 47-8 of the Hawaii Revised Statutes, at such price or prices and upon such terms and conditions as such official shall approve and determine to be in the best interest of the County. Without limiting the generality of the foregoing, with respect to the issuance and sale of the Bond to secure the payment of the USDA Loan, the Director of Finance is hereby authorized to retain bond counsel, paying agents, registrars and financial and accounting consultants, upon such terms and conditions as such official shall deem advisable and in the best interest of the County, to select the date for such sale, to enter into one or more loan agreements with USDA pursuant to which the USDA Loan shall be made and the Bond shall be issued to secure such USDA Loan, in each case in such form and containing such terms and conditions as such official shall approve and deem advisable, and to take such other actions as such official may deem advisable.