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COUNTY OF HAWAII <br />ORDINANCE NO. <br />STATE OF HAWAII <br />BILL NO. 2135 <br />(DRAFT 2) <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONllS OF <br />"1'FIE COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE <br />COS"fS OF VAKIOUS IMPROVEMENT PROJECTS FOR THE COUNTY; FIXING THE FORM, <br />DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR <br />'I'IIE SALE 'FHEI2EOF; AND AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING <br />'I'O 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 of the County of hlawai'i <br />(thc `County") hereby determines and finds that it is advisable, expedient and in the best interest of the County <br />to authorize the issuance, sale and delivery of general obligation bonds of the County (the "Bonds") for the <br />purpose of funding all or a portion of the costs of the Projects refereed to in Section 2 hereof. <br />SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in <br />one or more scries, Bonds of the County, in an aggregate principal amount not to exceed $I 14,588,700, for the <br />purpose of funding all or a portion of the costs (including costs of issuance of the Bonds) of the public <br />improvement projects authorized and set forth in Exhibit A, Draft 2. <br />SECTION 3. Details of Bonds. The Bonds authorized for issuance and salt in Section 2 <br />hereof shall be issued and sold in one or more or as paR 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. The <br />Bonds of a series shall be issued in fully registered form without coupons in the denomination of $5,000 or any <br />integral multiple of $5,000, or in such other denominations as the Director of Finance shall determine. The <br />Bonds of a series shall be numbered from 1 upwards in chronological order of delivery or shall be numbered in <br />any other manner as the Director of Finance shall determine. The Bonds of a series shall mature annually on <br />such day in each year in substantially equal installments of principal or in substantially equal installments of <br />principal and interest, the first of such maturities to be no later than five years from the date of the Bonds of <br />such series and the last of such maturities to be not later than twenty-five years from the date of the Bonds of <br />such scries, may be redeemable prior to the stated maturity thereof at any time at prices not exceeding 105% of <br />