ORD 2009-020 2008-2010 - Laserfiche WebLink

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COUNTY OF HAWAII STATE OF HAWAII BILL NO. iz ORDINANCE NO. ®~ 20 AN ORDINANCE AMENDING ORDINANCE NO. 04-59 OF THE COUNTY OF HAWAr I, AS HERETOFORE AMENDED BY ORDINANCE NO. 04-154, PERTAINING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF FINANCING VARIOUS PUBLIC IMPROVEMENTS DESCRIBED THEREIN. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAI` I: SECTION L Section 14 of Ordinance No. 04-59, as heretofore amended by Ordinance No. 04-154, is hereby further amended to read as follows: "SECTION l4. Authorization of Proceeds for Public Improvements-~ Reimbursement of Expenditures. The proceeds from the issuance and sale of General Obligation Bonds of the County of Hawai` i in the principal amount of $47,000,000 shall be used for the sole purpose of financing road and highway consn uction, transportation enhancement projects in the districts of Nordr Kona, South Kona, Puna, Hamakua, Hilo and South Kohala, and islandwide infrastructure planning efforts for roadway corridors, wastewater and solid waste facilities, and multimodal transportation. The County expects that it may pay certain capital expenditures for the fore *o~ ins protects prior to the issuance of the Bonds and reasonably expects to reimburse such expenditures from the proceeds of the Bonds. The County hereby declares its official intent to use the proceeds of the Bonds to reimburse itself for ftuure ex~endimres in connection with such proiects. This ordinance is adopted in art for the pur ose of establishing compliance with die requirements of Section 1.150-2 of the U.S. Treasury Rekulations. This ordinance shall be reasonably ~tvailahle for inspection at the Officz of the County Clerk located at the Ben Franklin Building. end Floor 333 Kilauea Avenue Hilo Hawaii 96730, connnencing within fifteen (15) days after its adoption by the Council."