BIL 091 Draft 01 2012-2014 - Laserfiche WebLink

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SECTION 5. Payment of Bonds. The principal of and interest and premium, if any, on the Bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. SECTION 6. Execution and Form of Fully Registered Bonds. The Bonds shall be lithographed or steel engraved, typewritten, printed or other reproduced as the Director of Finance shall determine.The Bonds of a series shall bear the manual or facsimile signatures of the Director of Finance and of the Mayor of the County, shall be impressed with or bear a facsimile of the seal of the County, and shall be authenticated by the Registrar (unless the Director of Finance is serving as Registrar and has manually signed the Bonds as aforesaid). The Director of Finance may, at such official's election, prepare such number of blank Bonds of any series executed and sealed as aforesaid as such official shall determine and deliver such executed blank Bonds to the Registrar for such series (if other than the Director of Finance) for safekeeping prior to the time such Bonds are actually issued, exchanged or transferred. The Bond shall be designated and the form of the Bonds, the Registrar's certificate of authentication, if applicable, and the assignment shall be substantially in the form of EXHIBIT A attached hereto,with such appropriate insertions,variations and omissions as are required or deemed advisable by the Director of Finance with respect to a particular series of the Bonds, book-entry provisions, single instrument provisions or other provisions. SECTION 7. Sale of Bonds. To secure the payment of the USDA/RD Loan from USDA/RD, without any further authorization from or action by this Council but subject to the provisions hereof and of applicable law, the Director of Finance is hereby authorized to issue and sell the Bonds at a negotiated sale to USDA/RD in accordance with Section 47-8, Hawai`i Revised Statutes, as amended, at such price or prices and upon such terms and conditions as such official shall approve and determine to be in the best interest of the County. Without limiting the generality of the foregoing,with respect to the issuance and sale of the Bonds to secure the payment of the USDA/RD Loan, the Director of Finance is hereby authorized to retain bond counsel,paying agents,registrars and financial and accounting consultants,upon such terms and conditions as such official shall deem advisable and in the best interest of the County, to select the date for such sale, to enter into one or more loan agreements with USDA/RD pursuant to which the USDA/RD Loan shall be made and the Bonds or portions thereof shall be issued to secure such USDA/RD Loan, in each case in such form and containing such terms and conditions as such official shall approve and deem advisable, and to take such other actions as such official may deem advisable. Subject to the provisions of Section 3 hereof,without further action of this Council,the Bonds shall bear interest at the rates per annum as specified in the loan agreement or agreements so approved. The Mayor,Director of Finance and all officials of the County are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the sale of the Bonds,and,if any loan agreement therefor be approved or any bid therefor be accepted, the preparation execution, and delivery thereof, in accordance with the provisions hereof and applicable law. 3