BIL 118 Draft 01 2014-2016 - Laserfiche WebLink

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arrangements to be entered into with such financial institution. The Director of Finance is hereby further authorized and directed to determine the date or dates upon which the Prior Obligations to be refunded are to be redeemed(if applicable)and to give or cause to be given any appropriate notices of such redemption. SECTION 9. Security for the Bonds; Reimbursement by Department of Water Supply. The Bonds are authorized to be issued as general obligation bonds. The full faith and credit of the County is hereby pledged to the payment of the principal of and interest on the Bonds,and such principal and interest payments shall be a first charge on the General Fund of the County. Bonds allocable to projects of the Water Department (the "Water System Bonds") are authorized to be issued as reimbursable general obligation bonds. The General Fund of the County shall be reimbursed at least annually for the principal of and interest on the Water System Bonds from the revenues of the Water Department remaining after costs of operation, maintenance and repair of the properties of the Water Department and after the required payments, if any, of the principal of and interest on any revenue bonds of the Water Department have been made. The Water Department is hereby authorized and directed, subject to applicable provisions of law, to impose and maintain such rates,rentals,fees and charges for connection to and the use and services of the water system of the Water Department so as to produce revenues which, together with other lawfully available funds of the Water Department, shall be at least sufficient(after payment of the costs of operation, maintenance and repair and after payments on revenue bonds as aforesaid) to pay or reimburse the General Fund of the County for payments of the principal of and interest on the Water System Bonds. The Water Department shall also reimburse the County for (i) costs of issuance of the Water System Bonds to the extent that such costs are not paid from the proceeds of the Water System Bonds, and (ii) future servicing costs, including fees and expenses of paying agents and arbitrage consultants,pertaining to such Water System Bonds. The Director of Finance, in consultation with the Water Department, shall determine amounts to be reimbursed in respect of the principal and interest payments, costs of issuance and servicing costs allocable to the Water System Bonds. SECTION 10. CUSIP Identification Numbers. The Director of Finance may authorize the printing of CUSIP identification numbers upon the Bonds. Such number and the printing thereof shall be subject in all respects to the provisions of Section 47-10, Hawai`i Revised Statutes,as amended. 6