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i' • wo <br />eft <br />SECTION 7. Sale of Bonds. Without any further authorization <br />from or action by this Council but subject to the provisions hereof <br />and of applicable law, the Director of Finance is hereby authorized <br />to issue and sell the Bonds at one time, or from time to time in <br />series, in one or more series, at negotiated sale to the Department <br />of Health in accordance with Section 47-8, Hawaii Revised Statutes, <br />as amended, at such price or prices and upon such terms and <br />conditions as he shall approve and determine to be in the best <br />interest of the County. Without limiting the generality of the <br />foregoing, with respect to the sale of the Bonds or of portions of <br />the Bonds, the Director of Finance is hereby authorized to retain <br />bond counsel, paying agents, registrars and financial and accounting <br />consultants, upon such terms and conditions as he shall deem <br />advisable and in the best interest of the County, and to select the <br />date for such sale, and to enter into one or more loan agreements or <br />contracts with the Department of Health for the sale of the Bonds or <br />portions thereof, in each case in such form and containing such <br />terms and conditions as he shall approve and deem advisable. <br />Subject to the provisions of Section 3 hereof, without further <br />action of this Council, the Bonds shall bear interest at the rates <br />per annum as specified in the agreement or agreements with the <br />Department of Health approved by the Director of Finance. The <br />Director of Finance and all officials of the County are hereby <br />authorized to take such action and execute such order, receipts and <br />other documents as may be necessary in order to effectuate the sale <br />of the Bonds or any portion thereof, and, if any agreement or <br />contract therefor be approved, the preparation execution, and <br />delivery thereof, in accordance with the provisions hereof and <br />applicable law. <br />Subsequent to the sale of any of the Bonds, the Director of <br />Finance shall report the results of such sale to the Council by <br />letter. <br />From and after the date the Director of Finance shall have <br />entered into any agreement with the Department of Health for the <br />sale and purchase of the Bonds of a series, the Council will take no <br />action to modify, supplement, amend or repeal the provisions of this <br />-13- <br />