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AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING ALL OR A PORTION <br /> OF THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS; FIXING THE FORM, <br /> DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND <br /> PROVIDING FOR THEIR SALE TO THE PUBLIC; AND AUTHORIZING THE TAKING OF <br /> OTHER ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE BONDS. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Findings and Determinations. The County Council hereby determines <br /> sale and delivery of general obligation bonds of the County in an aggregate principal amount not to <br /> exceed $61,494,010 (the "Bonds") for the purpose of funding all or a portion of the costs of the County <br /> Projects referred to in Section 2 hereof. <br /> SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and <br /> sale, in one or more series, Bonds of the County, in an aggregate principal amount not to exceed <br /> $61,494,010 for the purpose of funding all or a portion of the costs (including costs of issuance of the <br /> Bonds)of the public improvement projects authorized and set forth in Exhibit A. <br /> SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale hereunder <br /> shall be issued and sold in one or more or as part of a series of other general obligation bonds of the <br /> County, all as shall be determined by the Director of Finance to be in the best interest of the County. <br /> The Bonds of a series shall be issued in fully registered form without coupons in the denomination of <br /> $5,000 or any integral multiple of $5,000, or in such other denominations as the Director of Finance <br /> shall determine. The Bonds of a series shall be numbered from 1 upwards in chronological order of <br /> delivery or shall be numbered in any other manner as the Director of Finance shall determine. The <br /> Bonds of a series shall mature annually on such day in each year in substantially equal installments of <br /> principal or in substantially equal installments of principal and interest, the first of such maturities to be <br /> no later than five years from the date of the Bonds of such series and the last of such maturities to be not <br /> later than twenty-five years from the date of the Bonds of such series, may be redeemable prior to the <br /> stated maturity thereof at such time or times and upon such terms as shall be determined by the Director <br /> of Finance, and shall bear interest at such rate or rates per annum determined by the Director of Finance <br /> as shall result in a true interest cost not to exceed eight percent(8%) per annum, all as shall be specified <br /> in the contract approved or the bid accepted for the purchase of the Bonds of such series if any contract <br /> therefor be approved or any bid therefor be accepted. In accordance with and subject to the provisions <br />