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4~~y Y'~~ <br /> 4r3'yw. <br /> 4~: <br /> ~y.{. <br /> COUNTY OF HAWAII ~ STATE OF HAWAII <br /> ~ <br /> ~°Ya~~~~~°~ BILL NO. its <br /> ORDINANCE NO~~ 120 <br /> <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING COSTS OF THE <br /> <br /> WAIKOLOA WORKFORCE HOUSING PROJECT; FIXING THE FORM, <br /> <br /> DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND <br /> PROVIDING FOR THE SALE THEREOF; AND AUTHORIZING THE TAKING OF OTHER <br /> ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE BONDS. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Findings and Determinations. The County Council hereby deternunes <br /> and finds that it is advisable, expedient and in the best interest of the County to authorize the issuance, <br /> sale and delivery of general obligation bonds of the County in an aggregate principal amount not to <br /> exceed $40,000,000 (the "Bonds") for the purpose of funding costs of the Project described in Section 2 <br /> hereof. <br /> SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and <br /> sale, in one or more series, Bonds of the County for the purpose of funding costs of the Waikoloa <br /> Workforce Housing Project (the "Project") being undertaken as a cooperative effort by the County and <br /> Hawaii Island Housing Trust, a Hawaii nonprofit corporation, including planning, design, engineering, <br /> legal, consulfing and other predevelopment costs of the Project, the cost of constructing, acquiring and <br /> installing public facilities and infrastructure included as components of the Project, and costs of issuance <br /> associated with the Bonds. <br /> SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale hereunder <br /> shall be issued and sold in one or more or as part of a series of other general obligation bonds of the <br /> County, all as shall be determined by the Director of Finance to be in the best interest of the County. <br /> The Bonds of a series shall be issued in fully registered form without coupons in the denomination of <br /> $5,000 or any integral multiple of $5,000, or in such other denominations as the Director of Finance <br /> shall determine. The Bonds of a series shall be numbered from 1 upwards in chronological order of <br /> <br />