BIL 160 Draft 01 2008-2010 - Laserfiche WebLink

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SECTION 8. Authorization of Bond Anticipation Notes. General obligation bond anticipation notes are hereby authorized for issuance and sale by the Director of Finance in anticipation of the issuance and sale of the Bonds authorized herein and the receipt of the proceeds of the sale thereof, for the purposes for which the Bonds have been authorized herein. The issuance, sale and details of the Notes shall be governed by Section 47-16, Hawaii Revised Statutes, as amended. Bonds in anticipation of which the Notes are authorized and issued hereunder may be issued and sold in accordance with the provisions of this Ordinance at any time within five years of the date of issuance of the first Notes issued in anticipation of such Bonds. SECTION 9. Security for the Bonds and the Notes; Reimbursement by Water Department. The Bonds and Notes are authorized to be issued as reimbursable general obligation bonds. The full faith and credit of the County is hereby pledged to the payment of the principal of and interest on the Bonds and the Notes, and such principal and interest payments shall be a first charge on the General Fund of the County. The General Fund of the County shall be reimbursed at least annually for the principal of and interest on such Bonds and Notes from the revenues of the Water Department remaining after costs of operation, maintenance and repair of the properties of the Water Department and after the required payments, if any, of the principal of and interest on any revenue bonds of the Water Department have been made. The Water Department is hereby authorized and directed, subject to applicable provisions of law, to impose and maintain such rates, rentals, fees and charges for connection to and the use and services of the water system of the Water Department so as to produce revenues which, together with other lawfully available funds of the Water Department, shall be at least sufficient (after payment of the costs of operation, maintenance and repair and after payments on revenue bonds as aforesaid) to pay or reimburse the General Fund of the County for payments of the principal of and interest on the Bonds and Notes. The Water Department shall also reimburse the County for (i) costs of issuance of the Bonds and Notes to the extent that such costs are not paid from the proceeds of the Bonds and Notes, and (ii) future servicing costs, including fees and expenses of paying agents and arbitrage consultants, pertaining to such Bonds and Notes. The Director of Finance, in consultation with the Water Department, shall determine amounts to be reimbursed in respect 5