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COUNTY OF HAWAII ; .,!;� ,, STATE OF HAWAII <br /> BILL NO. 249 <br /> ORDINANCE NO. 10 58 <br /> AN ORDINANCE AMENDING ORDINANCE NO. 09 -153 OF THE COUNTY OF <br /> HAWAII, PERTAINING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS OF <br /> VARIOUS CAPITAL IMPROVEMENT PROJECTS FOR THE DEPARTMENT OF <br /> WATER SUPPLY 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 09 -153 (the <br /> "Ordinance "), the County Council has heretofore authorized the issuance of general obligation <br /> bonds of the County, in an aggregate pnncipal amount not to exceed $31,000,000 (the "Bonds "), for <br /> the purpose of funding all or a portion of the costs of various capital improvement projects fat the <br /> Department of Water Supply of the County Under the provisions of the American Recovery and <br /> Reinvestment Act of 2009, general obligation bonds of the County (including the Bonds) may be <br /> issued as taxable "Build America Bonds" or "Recovery Lone Economic Development Bonds," <br /> which are eligible for federal interest subsidy payments The County Council hereby finds and <br /> determines that, subject to market conditions at the time of issuance, it may be beneficial to the <br /> County to issue some or all of the authorized but unissued Bonds as Build America Bonds or <br /> Recovery Zone Economic Development Bonds The County C.ouncti further finds and dutemmnes <br /> that certain amendments to the Ordinance may be necessary to facilitate the issuance of the Bonds <br /> as Build Amenca Bonds or Recovery Zone Economic Development Bonds upon favorable terms, <br /> and that it would be advisable, expedient and in the best interest of the County to amend the <br /> Ordinance for such purpose as hereinafter set forth <br />