COM 1168.071 2006-2008 - Laserfiche WebLink

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bids accepted. The Director of Finance and all officials of the County are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the sale of the Bonds or any portion thereof, and, if any contract therefor be approved or any bid therefor be accepted, the preparation, execution and delivery thereof, in accordance with the provisions hereof and applicable law. Subsequent to the sale of any of the Bonds, the Director of Finance shall report the results of such sale to the County Council by letter. From and after the date the Director of Finance shall have accepted a bid for a series of Bonds, or shall have entered into a negotiated contract for the sale and purchase of a series of Bonds, the County Council will take no action to modify, supplement, amend or repeal the provisions of this ordinance in a manner which would have an adverse effect on the ability of the County to perform its obligations under such accepted bid or contract. SECTION S. Authorization of Bond Anticipation Notes. General obligation bond anticipation notes are hereby authorized for issuance and sale by the Director of Finance in anticipation of the issuance and sale of the Bonds authorized herein and the receipt of the proceeds of the sale thereof, for the purposes for which the Bonds have been authorized herein. The issuance, sale and details of the Notes shall be governed by Section 47-16, Hawaii Revised Statutes, as amended. Bonds in anticipation of which the Notes are authorized and issued hereunder may be issued and sold in accordance with the provisions of this Ordinance at any time within five years of the date of issuance of the first Notes issued in anticipation of such Bonds. SECTION 9. Security for the Bonds and the Notes. The full faith and credit of the County is hereby pledged to the payment of the principal of and interest on the Bonds and the Notes, and the principal and interest payments shall be a first charge on the General Fund of the County. SECTION 10. CUSIP Identification Numbers. The Director of Finance may authorize the printing of CUSIP identification numbers upon the Bonds. Such number and the printing thereof shall be subject in all respects to the provisions of Section 47-10, Hawaii Revised Statutes, as amended. SECTION 11. Bond Insurance. The Director of Finance is hereby authorized to determine and provide for any insurance provisions respecting the Bonds of a series as he shall deem to be in the best interest of the County, including, without limitation, selection of the bond insurer, payment of the insurance premium and 5