ORD 2010-057 2008-2010 - Laserfiche WebLink

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YYO M COUNTY OF HAWAII P I: •,'t STATE OF HAWAII • BILL NO. 248 ORDINANCE NO. 10 57 AN ORDINANCE AMENDING ORDINANCE NO. 08 -148 OF THE COUNTY OF HAWAI`l, PERTAINING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS OF THE KALOKO HOUSING PROGRAM PROJECT FOR THE COUNTY. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1 Findings and Determinations. Pursuant to Ordinance No 08 -148 (the "Ordinance "), the County Council has heretofore authonzed the issuance of general obligation bonds of the County, in an aggregate pnncipal amount not to exceed $8,000,000 (the "Bonds "), to fund all or a portion of the costs of the Kaloko Housing Program Project for the County 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 Amenca 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