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:--. <br />:.~!~~. <br />~, <br />COUNTY OF HAWAII ~~~ ~ ' ~ ; ~~ STATE OF HAWAII <br />;: <br />'~ ~; ~R~= BILL NO. 160 <br />~:a ~-~_ <br />(Draft 2 ) <br />ORDINANCE NO.~~ ~'~~ <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 />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br />SECTION 1. Findings and Determinations. 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 />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 />referred to in Section 2 hereof. <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 />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 />acquisition of land for such purposes (the "Projects"). <br />SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in Section <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 />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 />Director of Finance shall determine. The Bonds of a series shall be numbered from 1 upwards in <br />