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SECTION 7. Sale of Bonds. Without any further authorization from or action by the <br /> Council but subject to the provisions hereof and of applicable law, the Director of Finance is hereby <br /> authorized to issue and sell the Bonds in their entirety at one time, or from time to time in two or <br /> more separate series, or as part of a series of other general obligation bonds of the County, at <br /> competitive sale or at negotiated sale to qualified purchasers in accordance with Section 47 -8, Hawaii <br /> Revised Statutes, as amended, in each case at such price or prices and upon such terms and conditions <br /> as she shall approve and determine to be in the best interest of the County. Without limiting the <br /> generality of the foregoing, with respect to the sale of the Bonds or of portions of the Bonds, the <br /> Director of Finance is hereby authorized to retain bond counsel, paying agents, registrars and financial <br /> and accounting consultants, upon such terms and conditions as she shall deem advisable, to select the <br /> date for such sale, to publish and distribute a Notice of Sale or to enter into a negotiated contract for <br /> the sale of the Bonds or portions thereof, in each case in such form and containing such terms and <br /> conditions as she shall approve and deem advisable, to distribute an Official Statement and such other <br /> information relating to the County and the Bonds as she may deem advisable, to receive bids for the <br /> sale of the Bonds or the portion thereof being offered and to award the sale of the Bonds or the portion <br /> thereof being offered to the bidder offering the lowest interest cost therefor, in accordance with the <br /> applicable Notice of Sale, if any; provided that the Director of Finance may reserve the right to reject <br /> any and all bids. Subject to the provisions of Section 3 hereof, without further action of the Council, <br /> the Bonds shall bear interest at the rates per annum as specified in the contract or contracts approved <br /> or in the bid or bids accepted. The Director of Finance and all officials of the County are hereby <br /> authorized to take such action and execute such orders, receipts and other documents as may be <br /> necessary in order to effectuate the sale of the Bonds or any portion thereof, and, if any contract <br /> therefor be approved or any bid therefor be accepted, the preparation, execution and delivery thereof, <br /> in accordance with the provisions hereof and applicable law. <br /> Subsequent to the sale of any of the Bonds, the Director of Finance shall report the <br /> results of such sale to the Council by letter. From and after the date the Director of Finance shall <br /> have accepted a bid for a series of Bonds, or shall have entered into a negotiated contract for the <br /> sale and purchase of a series of Bonds, the Council will take no action to modify, supplement, <br /> amend or repeal the provisions of this ordinance in a manner which would have an adverse effect <br /> on the ability of the County to perform its obligations under such accepted bid or contract. <br /> 4 <br />