BIL 160 Draft 02 2008-2010 - Laserfiche WebLink

Home

SECTION 11. Bond Insurance. The Director of Finance is hereby authorized to determine and provide for any insurance provisions respecting the Bonds of a series as he shall deem to be in the best interest of the County, including, without limitation, selection of the bond insurer, payment of the insurance premium and printing of any insurance statement on the Bonds. In the event that bond insurance is obtained by the purchaser of such Bonds, (a) such insurance shall not constitute a part of the contract by and with the County evidenced by a particular Bond or constitute a part of the proceedings providing for the issuance thereof, and (b) no liability or responsibility shall attach to the County or any officer or agent thereof in any way by reason of any such insurance, including, without limiting the foregoing, with respect to the procuring, maintenance, enforcement or collection thereof. The County shall be under no obligation to take or refrain from taking any action by reason of the existence of such insurance or any of the provisions thereof, even though the taking or refraining from taking of such action may result in or be cause for cancellation or cessation of such insurance. SECTION 12. Support Facility for Variable Rate Bonds. If the Director of Finance shall determine to issue the Bonds of a series bearing interest at a rate or rates which vary from time to time or with a right of holders to tender such Bonds for purchase, or both, the Director of Finance may contract for such support facility or facilities and remarketing arrangements as are required to market such Bonds to the greatest advantage of the County upon such terms and conditions as the Director of Finance deems necessary and proper; provided, however, that all such contracts shall be approved by a resolution of the County Council and shall comply with the requirements of Section 47-11, Hawaii Revised Statutes. SECTION 13. Reimbursement of Expenditures. The County expects that the County or the Water Department may pay certain capital expenditures for the Projects prior to the issuance of the Bonds or Notes authorized hereby, and reasonably expects to reimburse such expenditures from the proceeds of the Bonds or Notes. The County hereby declares its official intent to use proceeds of the Bonds or Notes to reimburse itself or the Department for future expenditures in connection with such Projects. This ordinance is adopted in part for the purpose of establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This ordinance shall be reasonably available for inspection at the office of the County Clerk commencing within fifteen (15) days after its adoption by the Council. 6