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COUNTY OF HAWAII STATE OF HAWAII <br /> BILL NO. ~9 <br /> ORDINANCE NO. <br /> <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> <br /> OF THE COUNTY OF HAWAII FOR THE PURPOSE OF ACQUIRING LAND FOR PUBLIC <br /> <br /> ACCESS, OPEN SPACE AND NATURAL RESOURCF. PRESERVATION; FIXING THE <br /> FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND <br /> <br /> PROVIDING FOR THEIR SALE TO THE PUBLIC; AND AUTHORIZING THE ISSUANCF, <br /> <br /> AND SALE OF A LIKE PRINCIPAL AMOUNT OF GF,NERAL OBLIGATION BOND <br /> <br /> ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF SUCH <br /> <br /> BONDS. <br /> BF; IT ORDAINF,D BY THE COUNCIL, OF THE COUNTY OF HAWAI`L• <br /> SEC'"LION I . Finding and Determinations. The County Council has determined to <br /> <br /> authorize the issuance and sale of general obligation bonds (the "Bonds") of the County in a principal <br /> <br /> amount not to exceed $10,000,000, the proceeds derived from the sale of which are to be cxpcndcd by <br /> <br /> the County to finance the acquisition of open space in the County as set forth in Section 14. 'I~he County <br /> <br /> Council has further determined that this authorization for the purpose described herein will address <br /> longstanding needs for. the preservation of coastal areas, open space, cultural and historic sites, <br /> recreation areas, and natural resources; and the provision of public access to the ocean, mountains, <br /> recreation, hunting and gathering areas. The County Council has determined that acquisition of such <br /> property is in the best interest of the County. <br /> SECTION 2. Purpose. In selecting property to be acquired, priority shall he given to <br /> <br /> coastal lands. <br /> SECTION 3. Authorization of Bonds. "there are hereby authorized fir issuance and <br /> <br /> sale Bonds of the County in a principal amount not to exceed $10,000.000 in the aggregate, the proceeds <br /> <br /> derived from the salt of which shal I be used and cxpcndcd by the County to pay all or a part of the costs <br /> <br /> of the authorized public acquisitions referred to in Section 14 hereof and all or a part of the costs <br /> incurred by the County in connection with the issuance ofthc Bonds. <br /> <br />