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SECTION 7. Sale of Bonds. Without any further authorizati~~n <br /> <br /> from or action by this Council but subject to the provisions hereof <br /> <br /> and of applicable law, the Director of Finance is hereby authorized <br /> <br /> to issue and sell the Bonds at one time, or from time to time in <br /> series, in one or more series, at negotiated sale to the Department <br /> <br /> of Health in accordance with Section 47-8, Hawaii Revised Statues, <br /> as amended, at such price or prices and upon such terms and <br /> <br /> conditions as he shall approve and determine to be in the best <br /> interest of the County. Without limiting the generality of the <br /> foregoing, with respect to the sale of the Bonds or of portions of <br /> the Bonds, the Director of Finance is hereby authorized to retain <br /> bond counsel, paying agents, registrars and financial and accounting <br /> consultants, upon such terms and conditions as he shall deem <br /> advisable and in the best interest of the County, and to select the <br /> date for such sale, and to enter into one or more loan agreements or <br /> contracts with the Department of Health for the sale of the Bonds or <br /> portions thereof, in each case in such form and containing such <br /> terms and conditions as he shall approve and deem advisable. <br /> Subject to the provisions of Section 3 hereof, without further <br /> action of this Council, the Bonds shall bear interest at the rates <br /> per annum as specified in the agreement or agreements with the <br /> Department of Health approved by the Director of Finance. The <br /> Director of Finance and all officials of the County are hereby <br /> authorized to take such action and execute such order, receipts and <br /> other documents as may be necessary in order to effectuate the sale <br /> of the Bonds or any portion thereof, and, if any agreement or <br /> contract therefor be approved, the preparation execution, and <br /> delivery thereof, in accordance with the provisions hereof and <br /> applicable law. <br /> Subsequent to the sale of any of the Bonds, the Director of <br /> Finance shall report the results of such sale to the Council by <br /> letter. <br /> From and after the date the Director of Finance shall have <br /> entered into any agreement with the Department of Health for the <br /> sale and purchase of the Bonds of a series, the Council will take no <br /> action to modify, supplement, amend or repeal the provisions of this <br /> -11- <br /> <br />