ORD 2008-152 2006-2008 - Laserfiche WebLink

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COUNTY OF HAWAII STATE OF HAWAII BjI,L. NO. 368 ORDINANCE NO. ~~ 152 AN ORDINANCE AUTHORIZING THE MAYOR OF THE COUNTY OF HAWAII TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT FOR A STATE WATER POLLUTION CONTROL REVOLVING FUND LOAN FOR WASTEWATER PUBLIC IMPROVEMENT PROJECTS; AND AUTHORIZING THE ISSUANCE OF $1,000,000 GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING QUALIFIED WASTEWATER PUBLIC IMPROVEMENTS OF THE COUNTY OF HAWAII BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Request for Loan. The County of Hawaii, pursuant to Section 342D- 54, Hawaii Revised Statutes, will be submitting an application for a State Water Pollution Control Revolving Fund Loan (SRF Loan} to the Director of the Department of Health, State of Hawaii, to finance the construction of the wastewater project listed in "Exhibit A". Under the terms and conditions ahticipated with regard to such SRF loan, the County shall repay, over a term of twenty years, the principal amount, which shall not exceed $1,000,000, at a fixed rate of interest which shall not exceed the Bond Buyer's 20-year general obligation bond issue. SECTION 2. Authorization of Mavor. The Council hereby authorizes the Mayor to execute all necessary intergovernmental agreements and documents between the State of Hawaii and the County of Hawaii, relating to the SRF to finance the construction of the wastewater project listed in "Exhibit A". SECTION 3. Pledge of the County's full faith and credit. The County also pledges its full faith and credit including but not limited to the County's general taxing power, as security for repayment of the loan, payment of interest, payment of any loan fees, and including a covenant to exercise the County's authority as needed. The principal and interest payments, and any loan fee payments, shall be a first charge on the General Fund of the County.