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<br /> <br /> <br /> <br /> <br /> <br /> <br /> COUNTY OF HAWAII ~r r STATE OF HAWAII <br /> <br /> BILL NO. 160 <br /> (Draft 2) <br /> <br /> ORDINANCE NO. <br /> <br /> <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING ALL OR A PORTION <br /> OF THE COSTS OF VARIOUS IMPROVEMENT PROJECTS FOR THE DEPARTMENT OF <br /> WATER SUPPLY; FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER <br /> DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE PUBLIC; AND <br /> AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE ISSUANCE <br /> AND SALE OF THE BONDS. <br /> <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> <br /> SECTION 1. Findings and Detenninations. The County Council hereby determines <br /> and finds that it is advisable, expedient and in the best interest of the County to authorize the issuance, <br /> <br /> sale and delivery of general obligation bonds of the County in an aggregate principal amount not to <br /> exceed $31,000,000 (the "Bonds") for the purpose of funding all or a portion of the costs of the Projects <br /> <br /> referred to in Section 2 hereof. <br /> <br /> <br /> SECTION 2. Authorization of Bonds. At the request of the Water Department, there <br /> are hereby authorized for issuance and sale, in one or more series, Bonds of the County in an aggregate <br /> principal amount not to exceed $31,000,000, is hereby authorized to be issued for the purpose of funding <br /> <br /> all or a portion of the costs (including costs of issuance of the Bonds) of additions, improvements and <br /> betterments to and extensions of the properties of water system of the Water Department, including the <br /> <br /> acquisition of land for such purposes (the "Projects"). <br /> <br /> SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in Section <br /> <br /> 2 hereof shall be issued and sold in one or more series, or as part of one or more series of other general <br /> obligation bonds of the County, all as shall be determined by the Director of Finance to be in the best <br /> <br /> interest of the County. The Bonds of a series shall be issued in fully registered form without coupons in <br /> the denomination of $5,000 or any integral multiple of $5,000, or in such other denominations as the <br /> <br /> Director of Finance shall determine. The Bonds of a series shall be numbered from 1 upwards in <br />