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• <br /> •• <br /> "G.•L�„ `` .ice <br /> COUNTY OF HAWAI'I *f...!..„N;;;:„..S:.:47;;!:*: STATE OF HAWAI'I <br /> • BILL NO. 25 <br /> (DRAFT 2) <br /> ORDINANCE NO. 17 30. <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br /> BONDS OF THE COUNTY OF HAWAII IN A PRINCIPAL AMOUNT NOT TO EXCEED <br /> $4,105,000 FOR THE PURPOSE OF FUNDING A PORTION OF THE COSTS OF A <br /> WATER DEPARTMENT PROJECT REFERRED TO AS THE PAPAIKOU TRANSITE & <br /> G. I. (GALVANIZED IRON) PIPELINE REPLACEMENT; FIXING THE FORM, <br /> DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND <br /> PROVIDING FOR THE SALE THEREOF; AND AUTHORIZING THE TAKING OF <br /> OTHER ACTIONS RELATING TO THE 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 /> and finds that: <br /> (a) The Department of Water Supply (the "Water Department") of the County of <br /> Hawai`i (the "Comfy") has determined to undertake a waterline improvement project referred to as <br /> the Papaikou Transite and G. I. (Galvanized Iron) Pipeline Replacement in Papaikou, County of <br /> Hawai i(the "Project"). <br /> (b) The United States of America, acting by and through the United States <br /> Department of Agriculture Rural Development on behalf of the Rural Utilities Service <br /> ("USDA"),has offered to provide financing for the Project in the form of(i) a grant(the "Grant") in <br /> an amount not to exceed Three Million Four Hundred Seventy Thousand Dollars ($3,470,000), and <br /> (ii) a loan (the "Loan") at one time or from time to time in a total principal amount not to exceed <br /> Four Million One Hundred Five Thousand Dollars ($4,105,000). <br /> (c) The Water Department has determined to obtain the Grant and Loan and, in <br /> connection therewith, has requested the County Council to authorize the issuance and sale of <br />