BIL 180 Draft 01 1996-1998 - Laserfiche WebLink

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Finance in anticipation of the issuance and sale of the Bonds authorized herein and of the receipt of the proceeds of the sale thereof, for the purposes for which the Bonds have been authorized herein. The issuance, sale and details of the Notes shall be governed by the provisions of Section 47-16, Hawaii Revised Statutes, as amended. Bonds in anticipation of which the Notes are authorized and issued pursuant to this section may be issued and sold in accordance with the provisions of this ordinance at anytime within five years of the date of issuance of the first notes issued in anticipation of such Bonds. SECTION 9. Other Sale Provisions. Subsequent to the sale of any of tine Bonds or Notes, the Director of Finance shall report the results of such sale to the Council by letter. From and after the date the Director of Finance shall have accepted a bid for a series of Bonds or Notes hereunder, or shall have entered into a contract for the sale and purchase of the Bonds of a series, the Council will take no action to modify, supplement, amend or repeal the provisions of this ordinance in a manner which would have an adverse effect on the ability of the County to perform its obligations under such accepted bid or contract. SECTION 10. Security for the Bonds and the Notes. The Bonds and the Notes are general obligations of the County, the full faith and credit of the County is hereby pledged to the payment of the principal of and interest on the Bonds and the Notes, and the principal and interest payments shall be a first charge on the General Fund of the County. SECTION 11. 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 provision of Section 47-10, Hawaii Revised Statutes, as amended. -14- 191918.1 014170 OR0