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COUl®TTY OF ~IAVVAI~I _ _E STATE OF I~A~VAI`I <br /> DILL NO. 59 <br /> ORDINANCE NO. <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF $8,000,000 GENERAL <br /> OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF <br /> FINANCING VARIOUS WATER SYSTEM IMPROVEMENTS OF THE <br /> DEPARTMENT OF WATER SUPPLY OF THE COUNTY OF HAWAII; FIXING THE <br /> FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS <br /> AND PROVIDING FOR THEIR SALE TO THE PUBLIC; AND AUTHORIZING THE <br /> ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL <br /> OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE <br /> ISSUANCE AND SALE OF SUCH BONDS. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Findings and Determinations. The Department of Water Supply of the <br /> County has requested the County Council to authorize the issuance and sale of general obligation <br /> bonds of the County in the principal amount of $8,000,000, the proceeds derived from the sale of <br /> which are to be expended by the Department of Water Supply for the purpose of constructing <br /> and acquiring improvements and betterments to, and extensions of, the properties of the Water <br /> System of the Department of Water Supply, including the acquisition of necessary lands therefor. <br /> It is hereby further found and determined that it is advisable and in the best interest of the County <br /> and the Department of Water Supply to authorize the issuance and sale of general obligation <br /> bonds of the County in the maximum principal amount of $8,000,000, the proceeds derived from <br /> the sale of which shall be used as for the purposes hereinabove described. <br /> SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale <br /> general obligation bonds of the County in the maximum principal amount of $8,000,000, the <br /> <br /> proceeds derived from the sale of which shall be used and expended by the Department of Water <br /> -1- <br /> <br />