BIL 025 Draft 01 2016-2018 - Laserfiche WebLink

Home

Director of Finance shall direct the registrar for the Bonds of a series to register and authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose unless and until the certificate of authentication endorsed on such Bond shall have been manually executed by such registrar; provided that a certificate of authentication shall not be required for any Bond if the Director of Finance is the registrar and if such Director has manually signed the Bond in question. The Bonds, including the registrar's certificate of authentication (if required) and the assignment, shall be in substantially the form of general obligation bonds heretofore issued by the County with such insertions, variations and omissions as are required with respect to a particular series of the Bonds as the Director of Finance may determine. SECTION 7. Sale of Bonds. Without any further authorization from or action by the Council but subject to the provisions hereof and of applicable law, the Director of Finance is hereby authorized to issue and sell the Bonds in their entirety at one time, or from time to time in two or more separate series, at negotiated sale to USDA in accordance with Section 47-8, Hawai`i Revised Statutes, as amended, in each case at such price or prices and upon such terms and conditions as he shall approve and determine to be in the best interest of the County. Without limiting the generality of the foregoing, with respect to the sale of the Bonds or of portions of the Bonds, the Director of Finance is hereby authorized to retain bond counsel,paying agents,registrars and financial and accounting consultants, upon such terms and conditions as he shall deem advisable,to select the date for such sale,to enter into one or more agreements with USDA pursuant to which the Loan will be made and the Bonds will be issued to evidence and secure the Loan, in each case in such form and containing such terms and conditions as he shall approve and deem advisable, and to take such other actions as he may deem advisable in connection with the issuance and sale of the Bonds to USDA. Subject to the provisions of Section 3 hereof, without further action of the Council, the Bonds shall bear interest at the rates per annum as agreed to with USDA. The Director of Finance and all officials of the County are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the issuance and sale of the Bonds or any portion thereof in accordance with the provisions hereof and applicable law. 4