ORD 2006-165 2004-2006 - Laserfiche WebLink

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s f M1 $k~'@ r ° COUNTY OF HAWAII ~ t,.;.~ STATE OF HAWAII . ` `w"°" BILL NO. 35E DRAFT 2 ORDINANCE N006 165 AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS OF VARIOUS IMPROVEMENT PROJECTS AND REFUNDING CERTAIN OUTSTANDING DEBT OBLIGATIONS OF THE COUNTY; FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE PUBLIC; AND AUTHORIZING THE TAHING OF OTHER ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE BONDS AND THE RETIREMENT OF THE OBLIGATIONS TO BE REFUNDED. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Findings and Determinations. The County Council hereby determines and finds that it is advisable, expedient and in the best interest of the County to authorize the issuance, sale and delivery of general obligation bonds of the County in an aggregate principal amount not to exceed $110,000,000 (the "Bonds") for the purposes of funding all or a portion of the costs of certain public improvement projects of the County and refunding all or a portion of certain outstanding debt obligations of the County, as further described in Section 2 hereof. SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in one or more series, Bonds of the County for the purposes set forth below: (a) A portion of the Bonds, in an aggregate principal amount not to exceed $75,000,OOO,is hereby authorized to be issued for the purpose of funding all or a portion of the costs (including costs of issuance relating to the Bonds) of public improvement projects of the County (collectively, the "Projects") authorized under Ordinance No. 04-75, Ordinance No. OS-87 and Ordinance No. 06-8Q being the capital budget ordinances of the County for the fiscal years ending June 30, 2005, June 30, 2006 and June 30, 2007, as heretofore or hereafter amended from time to time, or under the capital budget ordinance of the County for any subsequent fiscal year.