BIL 079 Draft 03 2004-2006 - Laserfiche WebLink

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COUNTY OF HAWAII STATE OF HAWAII RILL NO. 79 Draft ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL, OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF ACQUIRING LAND FOR PUBLIC ACCESS, OPEN SPACE AND NATURAL RESOURCE PRESERVATION; FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS Of SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE PUBLIC; AND AUTHORIZING THE ISSUANCE AND SALE OF A LIFE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF SUCH BONDS. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAPL SECTION 1. Findings and Determinations. The County Council has determined to authorize the issuance and sale of general obligation bonds (the "Bonds") of the County in a principal amount not to exceed $13,000,000, the proceeds derived from the sale of which are to be expended by the County to finance the acquisition of property in the County for: the preservation of coastal areas, open space, cultural and historic sites, recreation areas, and natural resources; and the provision of public access to the ocean, mountains, recreation, hunting and gathering areas. The County Council has determined that acquisition of such property is in the best interest of the County. The bonds shall be sold after a prioritized list of qualifying lands is developed by the Public Access, Open Space, and Natural Resources Preservation Commission, and adopted by resolution of the County Council. SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale Bonds of the County in a principal amount not to exceed $13,000,000 in the aggregate, the proceeds derived from the sale of which shall be used and expended by the County to pay all or a part of the costs of the authorized public acquisitions referred to in Section 1 hereof and all or a part of the costs incurred by the County in connection with the issuance of the Bonds. Property to be acquired shall be among the highest priorities as identified in the prioritized list of qualifying lands referred to in Section 1.