BIL 077 Draft 01 2016-2018 - Laserfiche WebLink

Home

D. Costs of the Project,net of the USDA Grant,will be assessed against the"assessment units" within the Improvement District in accordance with Chapter 12, Hawai`i County Code. Collections of such assessments will be used to reimburse the County for payments of the principal of and interest on the bonds authorized hereunder, for costs of the Project not funded by such bonds and for administrative expenses of the County with respect to the Improvement District. SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale general obligation bonds of the County(the"Bonds") in an aggregate principal amount not to exceed Two Million Four Hundred Thirty-Seven Thousand and No/100 Dollars ($2,437,000), the proceeds derived from the sale of which shall be used to pay a portion of the costs of the Project and costs incurred by the County in connection with the issuance of the Bonds. SECTION 3. Details of the Bonds. The Bonds authorized for issuance and sale in Section 2 hereof shall be issued and sold to USDA in one or more series of Bonds evidencing and securing the USDA Loan. Such Bonds shall be issued and sold to USDA, as lender with respect to the USDA Loan evidenced and secured thereby,shall be in an aggregate principal amount equal to the principal amount of such USDA Loan, and shall bear interest and mature upon the applicable terms of such USDA Loan. The Bonds may be issued and sold in their entirety at one time or in portions from time to time, as shall be determined by the Director of Finance to be in the best interest of the County. The Bonds shall be issued in fully registered form without coupons in such denominations or as a single instrument, all as the Director of Finance shall determine. The Bonds of a series shall be numbered from 1 upwards in chronological order of delivery or shall be numbered in any other manner as the Director of Finance shall determine. The Bonds of a series shall mature annually on such day in each year in substantially equal installments of principal or in substantially equal installments of principal and interest,the first of such maturities to be no later than five years from the date of the Bond of such series and the last of such maturities to be not later than thirty-five years from the date of the Bonds of such series,may be redeemable prior to the stated maturity thereof at any time at prices not exceeding 103 % of the principal amount thereof, and shall bear interest at such rate or rates per annum,not to exceed Two and One-Eighth Percent(21/8%)per annum,as may be determined by the Director of Finance and agreed to by USDA. In accordance with and subject to the provisions of this ordinance, the Director of Finance is hereby authorized to determine with respect to the Bonds of a series, the series designation; the date of the Bonds of such series; the interest rates and payment dates of the Bonds of such series;the maturity dates of the Bonds of such series and the principal amount of such Bonds maturing on each maturity date; the registration privileges and place or places at which the Bonds of such series may be paid or registered which may include the office of the Director of Finance;whether or not the Bonds of such series shall be subject to redemption prior to the stated maturities and,if subject to such prior redemption,the times,prices, methods and other provisions for such prior redemption; and all other details of the Bonds of such series. 2