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COUNTY OF HAWAII <br />ORDINANCE NO. <br />STATE OF HAWAII <br />BILL NO. 245 <br />AN ORDINANCE AMENDING ORDINANCE NO. 04-59 OF THE COUNTY OF HAWAII, <br />AS HERETOFORE AMENDED, PERTAINING TO THE ISSUANCE OF GENERAL <br />OBLIGATION BONDS FOR THE PURPOSE OF FINANCING VARIOUS PUBLIC <br />IMPROVEMENTS OF THE COUNTY. <br />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br />SECTION 1. Findings and Determinations. Pursuant to Ordinance No. 04 -59, as amended <br />by Ordinance Nos. 04 -154 and 09 -20 (as so amended, the "Ordinance "), the County Council has <br />heretofore authorized the issuance of general obligation bonds of the County, in an aggregate <br />principal amount not to exceed $47,000,000 (the "Bonds"). to finance various public improvements <br />of the County. Under the provisions of the American Recovery and Reinvestment Act of 2009, <br />general obligation bonds of the County (including the Bonds) may be issued as taxable "Build <br />America Bonds" or "Recovery Zone Economic Development Bonds," which are eligible for federal <br />interest subsidy payments. The,County Council hereby finds and determines that, subject to market <br />conditions at the time of issuance, it may be beneficial to the County to issue some or all of the <br />authorized but unissued Bonds as Build America Bonds or Recovery Zone Economic Development <br />Bonds. The County Council further finds and determines that certain amendments to the Ordinance <br />may be necessary to facilitate the issuance of the Bonds as Build America Bonds or Recovery Zone <br />Economic Development Bonds upon favorable terms, and that it would be advisable, expedient and <br />in the best interest of the County to amend the Ordinance for such purpose as hereinafter set forth, <br />