ORD 2008-106 2006-2008 - Laserfiche WebLink

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COUNTY OF HAWAI~I ORDINANCE NO. STATE OF HAWAI`I BILL NO. 285 08 1.Q6 ( D~r 2 ) AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAI`I FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COST'S OF VARIOUS IMPROVEMENT PROJECTS FOR THE COUNTY; FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THE SALE THEREOF; AND AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE BONDS. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAI`I: SECTION L Findings and Detenninations. The County Council of the County of Hawai`i (the "County") 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 (the "Bonds") for the purpose of funding all or a portion of the costs of the Projects referred to 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, in an aggregate principal amount not to exceed $114,588,700, for the purpose of funding all or a portion of the costs (including costs of issuance of the Bonds) of the public improvement projects authorized and set forth in Exhibit A, Draft 2. SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in Section 2 hereof shall be issued and sold in one or more or as part of a series of other general obligation bonds of the County, all as shall be determined by the Director of Finance to be in the best interest of the County. The Bonds of a series shall be issued in fully registered form without coupons in the denomination of $5,000 or any integral multiple of $5,000, or in such other denominations as the Director of Finance shall determine. The Bonds of a series shall be numbered from 1 upwards in chronological order of delivery or shall be numbered in any other manner as the Director of Finance shall determine. The Bonds of a series shall mature annually on such day in each year in substantially equal installments of principal or in substantially equal installments of principal and interest, the first of such maturities to be no later than five years from the date of the Bonds of such series and the last of such maturities to be not later than twenty-five years from the date of the Bonds of such series, may be redeemable prior to the stated maturity thereof at any time at prices not exceeding l OS% of