BIL 360 Draft 01 2006-2008 - Laserfiche WebLink

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COUNTY OF HAWAII STATE OF HAWAII BILL NO. 't6o ORDINANCE NO. 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 THE KALOKO HOUSING PROGRAM PROJECT 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`L• SECTION 1. Findings and Determinations. The County Council of the County of Hawaii (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 $8,000,000, for the purpose of funding all or a portion of the costs (including costs of issuance of the Bonds) of the ICaloko Housing Program public improvement project and appropriated, or reappropriated for that purpose. 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