Laserfiche WebLink
COUNTY OF HAWAII <br />STATE OF HAWAII <br />BILL NO. 9 <br />ORDINANCE NO. 15 18 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE <br />COUNTY OF HAWAPI FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS <br />OF LOWER PUNA LAVA RESPONSE PUBLIC IMPROVEMENT PROJECTS AND HIGHWAY <br />ROAD CONSTRUCTION/REPAIR PROJECTS; FIXING THE FORM, DENOMINATIONS, AND <br />CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE <br />PUBLIC; AND AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE <br />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 exceed <br />$20,000,000 (the "Bonds") for the purpose of funding all or a portion of the costs of the County Projects referred <br />to in Section 2 hereof. <br />SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in one <br />or more series, Bonds of the County, in an aggregate principal amount not to exceed $20,000,000, for the purpose <br />of funding all or a portion of the costs (including costs of issuance of the Bonds) of Lower Puna Lava Response <br />public improvement projects and highway road construction/repair projects. <br />SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale hereunder shall be <br />issued and sold in one or more or as part of a series of other general obligation bonds of the County, all as shall <br />be determined by the Director of Finance to be in the best interest of the County. The Bonds of a series shall be <br />issued in fully registered form without coupons in the denomination of $5,000 or any integral multiple of $5,000, <br />or in such other denominations as the Director of Finance shall determine. The Bonds -of a series shall be <br />numbered from 1 upwards in chronological order of delivery or shall be numbered in any other manner as the <br />Director of Finance shall determine. The Bonds of a series shall mature annually on such day in each year in <br />substantially equal installments of principal or in substantially equal installments of principal and interest, the <br />first of such maturities to be no later than five years from the date of the Bonds of such series and the last of such <br />