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<br /> <br /> <br /> <br /> <br /> <br /> as amended, in each case at such price or prices and upon such terms and conditions as he shall approve <br /> and determine to be in the best interest of the County. Without limiting the generality of the foregoing, <br /> <br /> with respect to the sale of the Bonds or of portions of the Bonds, the Director of Finance is hereby <br /> authorized to retain bond counsel, paying agents, registrars and financial and accounting consultants, <br /> upon such terms and conditions as he shall deem advisable, to select the date for such sale, to publish <br /> <br /> and distribute a Notice of Sale or to enter into a negotiated contract for the sale of the Bonds or portions <br /> thereof, in each case in such form and containing such terms and conditions as he shall approve and <br /> <br /> deem advisable, to distribute an Official Statement and such other information relating to the County and <br /> the Bonds as he may deem advisable, to receive bids for the sale of the Bonds or the portion thereof <br /> <br /> being offered and to award the sale of the Bonds or the portion thereof being offered to the bidder <br /> offering the lowest interest cost therefor, in accordance with the applicable Notice of Sale, if any; <br /> provided that the Director of Finance may reserve the right to reject any and all bids. Subject to the <br /> <br /> provisions of Section 3 hereof, without further action of the Council, the Bonds shall bear interest at the <br /> rates per annum as specified in the contract or contracts approved or in the bid or bids accepted. The <br /> <br /> Director of Finance and all officials of the County are hereby authorized to take such action and execute <br /> such orders, receipts and other documents as may be necessary in order to effectuate the sale of the <br /> Bonds or any portion thereof, and, if any contract therefor be approved or any bid therefor be accepted, <br /> <br /> the preparation, execution and delivery thereof, in accordance with the provisions hereof and applicable <br /> law. <br /> <br /> <br /> Subsequent to the sale of any of the Bonds, the Director of Finance shall report the <br /> <br /> results of such sale to the Council by letter. From and after the date the Director of Finance shall <br /> have accepted a bid for a series of Bonds, or shall have entered into a negotiated contract for the sale <br /> and purchase of a series of Bonds, the Council will take no action to modify, supplement, amend or <br /> <br /> repeal the provisions of this ordinance in a manner which would have an adverse effect on the ability <br /> of the County to perform its obligations under such accepted bid or contract. <br /> <br /> <br /> SECTION 8. Authorization of Bond Anticipation Notes. General obligation bond <br /> <br /> anticipation notes are hereby authorized for issuance and sale by the Director of Finance in anticipation <br /> of the issuance and sale of the Bonds authorized herein and the receipt of the proceeds of the sale <br /> thereof, for the purposes for which the Bonds have been authorized herein. The issuance, sale and <br /> <br /> details of the Notes shall be governed by Section 47-16, Hawaii Revised Statutes, as amended. Bonds in <br /> <br /> <br /> 4 <br />