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COUNTY OF HAWAII r., STATE OF HAWAII <br /> BILL NO. <br /> ORDINANCE NO. 9~7 45 <br /> <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF $9,400,000 GENERAL <br /> OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF <br /> FINANCING QUALIFIED WASTEWATER PUBLIC IMPROVEMENTS OF THE COUNTY OF <br /> HAWAII; FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAI7,S OF <br /> SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE DEPARTMENT OF HEALTH <br /> OF THE STATE OF HAWAII TO SECURE ONE OR MORE LOANS BY SAID <br /> DEPARTMENT. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Findings and Determinations. It is hereby found and <br /> determined that (i) the State of Hawaii (the "State"), in accordance <br /> with the Federal Water Quality Act of 1987, Public Law 100-4, h+~s <br /> established pursuant to various legislative enactments in the State <br /> Treasury a Water Pollution Control Revolving Fund for the purpo:~e of <br /> receiving Federal and State funds to provide financial assistance to <br /> governmental agencies for the planning, design and construction of <br /> treatment works owned by a governmental agency; (ii) the Department <br /> of Health of the State (the "Department of Health") has agreed :o <br /> fund certain wastewater treatment projects (the "Qualified <br /> Wastewater Projects") of the County of Hawaii, State of Hawaii ;the <br /> "County") with a combination of Federal grants and State grants and <br /> loans from the State Water Pollution Control Revolving Fund; an~3 <br /> (iii) the interest on such loans shall be below prevailing market <br /> rates. <br /> It is hereby further found and determined that (i) there hay <br /> been appropriated pursuant to capital budget Ordinance No. 96-63 <br /> passed by the Council of the County and approved by the Mayor of the <br /> County and with an effective date of July 1, 1996, as amended <br /> <br />