ORD 2001-060 2000-2002 - Laserfiche WebLink

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COUNTS OF II~~WAIk ~ . TOTE OF I-IA.W~I`I SILL NO. 59 OI~INANCL NO. AN ORDINANCE AUTHORIZING TIIE ISSUANCE OF $8,000,000 GENERAL OBLIGATION BONDS OF THE COUNTY OF IIAWAI`I FOR THE- PURPOSE OF FINANCING VARIOUS WATER SYSTEIVI I1~IPROVEI~^IENTS OF TIIE DEPARTIVIEI\TT OF WATER SUPPLY OF TIIE COUN'T'Y OF HAVVAI`I; FIXING THE FOR1dI, DENOlO~IINATIONS, AND CER'T'AIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO TIIE PURLTC; AND AUTI-ITDRIZING TIDE ISSUANCE AND SALE OF A LIFE PRINCIPAI:. All~IOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF TIIE ISSUANCE AND SALE OF SUCH BONDS. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAI`Ia SECTION 1. Findin s and Determinations. The Department of Water Supply of the County has requested the County Council to authorize the issuance and sale of general obligation bonds of the County in the principal amount of $8,000,000, the proceeds derived from the sale of which are to be expended by the Department of Water Supply for the purpose of constructing and acquiring improvements and betterments to, and extensions of, the properties of the Water System of the Department of Water Supply, including the acquisition of necessary lands therefor. It is hereby further found and determined that it is advisable and in the best interest of the County and the Department of Water Supply to authorize the issuance and sale of general obligation bonds of the County in the maximum principal amount of $8,000,000, the proceeds derived from the sale of which shall be used as for the purposes hereinabove described. SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale general obligation bonds of the County in the maximum principal amount of $8,000,000, the proceeds derived from the sale of which shall be used and expended by the Department of Water -1-