BIL 074 Draft 01 2024-2026 - Laserfiche WebLink

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Subject to the provisions of Section 3 hereof, without further action of this Council, the Bond shall bear interest at the rates per annum as specified in the loan agreement or agreements so approved. The Mayor, Director of Finance, and all officials of the County are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the sale of the Bond, and, if any loan agreement therefor be approved or any bid therefor be accepted, the preparation execution, and delivery thereof, in accordance with the provisions hereof and applicable law. SECTION 8. Security for the Bond. As the Bond is a general obligation of the County, the full faith and credit of the County is hereby irrevocably pledged to the punctual payment of the principal of and interest on the Bond according to the terms thereof, and the principal and interest payments on the Bond shall be a first charge on and shall be paid from the General Fund of the County. SECTION 9. CUSIP Identification Numbers. The Director of Finance may authorize the imprinting of a CUSIP identification number upon the Bond. Such number and the imprinting thereof shall be subject in all respects to the provisions of section 47-10 of the Hawaii Revised Statutes. SECTION 10. Application of Assessments. Assessments against the "assessment units" in the Improvement District made in accordance with Chapter 12 of the Code shall be applied to pay or reimburse the County for: (i) Payments of the principal of and interest on the Bond and other costs relating to the Bond, and; (ii) Administrative expenses of the County with respect to the Bond and the Improvement District. Amounts so collected which are not applied or reasonably required to .be reserved for such purposes shall be applied in accordance with the provisions of Chapter 12 of the Code. SECTION 11. Repeal of Conflicts. All ordinances and resolutions, and any portions of ordinances and resolutions, heretofore enacted or adopted by the Council which are in conflict or inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of such conflict or inconsistency. SECTION 12. Severability. If any provision of this ordinance, or the application thereof to any person or circumstance, is held invalid, the invalidity does not affect other provisions or applications of this ordinance that can be given effect without the invalid provision or application, and to this end the provisions of this ordinance are severable. ��