BIL 246 Draft 01 2008-2010 - Laserfiche WebLink

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COUNTY OF HAWAII ORDINANCE NO. STATE OF HAWAII BILL NO. 246 AN ORDINANCE AMENDING ORDINANCE NO. 07 -120 OF THE COUNTY OF HAWAII, PERTAINING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE PURPOSE. OF FUNDING COSTS OF THE WAIKOLOA WORKFORCE HOUSING PROJECT. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Findings and Determinations. Pursuant to Ordinance No. 07 -120 (the "Ordinance "), the County Council has heretofore authorized the issuance of general obligation bonds of the County, in an aggregate principal amount not to exceed $40,000,000 (the "Bonds "), to fund costs of the Waikoloa Workforce Housing Project. Under the provisions of the American Recovery and Reinvestment Act of 2009, general obligation bonds of the County (including the Bonds) may be issued as taxable "Build America Bonds" or "Recovery Zone Economic Development Bonds," which are eligible for federal interest subsidy payments. The County Council hereby finds and determines that, subject to market conditions at the time of issuance, it may be beneficial to the County to issue some or all of the authorized but unissued Bonds as Build America Bonds or Recovery Zone Economic Development Bonds The County Council further finds and determines that certain amendments to the Ordinance may be necessary to facilitate the issuance of the Bonds as Build America Bonds or Recovery Zone Economic Development Bonds upon favorable terms, and that it would be advisable, expedient and in the best interest of the County to amend the Ordinance for such purpose as hereinafter set forth.