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COUNTY OF HAWAII <br />STATE OF HAWAII <br />BILL NO. 118 <br />ORDINANCE NO. 1-5 121 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br />REFUNDING BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF REFUNDING <br />CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS AND NOTES; FIXING THE <br />FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH REFUNDING <br />BONDS AND PROVIDING FOR THEIR SALE TO THE PUBLIC; PROVIDING FOR THE <br />RETIREMENT OF THE BONDS TO BE REFUNDED; AND AUTHORIZING THE TAKING <br />OF OTHER ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE REFUNDING <br />BONDS AND THE RETIREMENT OF THE BONDS TO BE REFUNDED. <br />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br />SECTION 1. Findings and Determinations. The County Council hereby determines and <br />finds that the County has heretofore issued bonds and other long term debt obligations from time to time <br />to fund capital improvement projects for the County and the County's Department of Water Supply (the <br />"Water Department"), including the following bonds and obligations (the "Prior Obligations"): <br />2008 Series A <br />General Obligation Bonds, $35,325,000 $33,775,000 <br />2010 Series A <br />Original <br />Outstanding <br />Obli ation <br />Principal Amount <br />Principal Amount <br />General Obligation Bonds, <br />$50,000,000 <br />$35,460,000 <br />2006 Series A <br />General Obligation Bonds, <br />$85,000,000 <br />$63,505,000 <br />2007 Series A <br />General Obligation Bonds, <br />$20,820,000 <br />$7,250,000 <br />2007 Series B <br />General Obligation Bonds, <br />$16,540,000 <br />$9,925,000 <br />2007 Series C <br />General Obligation Bonds, <br />$50,000,000 <br />$40,935,000 <br />2008 Series A <br />General Obligation Bonds, $35,325,000 $33,775,000 <br />2010 Series A <br />