BIL 077 Draft 01 2016-2018 - Laserfiche WebLink

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SECTION 4. Redemption of Bonds. In the event any of the Bonds shall be subject to prior redemption and if any Bond (or portion thereof) is to be redeemed, notice of redemption shall be given in such manner as the Director of Finance shall determine. If any Bond shall have been duly called for redemption and notice of such redemption duly given in the manner determined by the Director of Finance, and if moneys for the payment of such Bond at the then applicable redemption price and the interest accrued on the principal amount thereof to the date of redemption are made or duly provided for by the County, interest on such Bond shall cease to accrue and become payable from and after the date fixed for redemption. SECTION 5. Payment of Bonds. The principal of and interest and premium, if any, on the Bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. SECTION 6. Execution and Form of Fully Registered Bonds. The Bonds shall be lithographed or steel engraved,typewritten, printed or other reproduced as the Director of Finance shall determine. The Bonds of a series shall bear the manual or facsimile signatures of the Director of Finance and of the Mayor of the County,shall be impressed with or bear a facsimile of the seal of the County, and shall be authenticated by the Registrar (unless the Director of Finance is serving as Registrar and has manually signed the Bonds as aforesaid). The Director of Finance may, at such official's election, prepare such number of blank Bonds of any series executed and sealed as aforesaid as such official shall determine and deliver such executed blank Bonds to the Registrar for such series (if other than the Director of Finance) for safekeeping prior to the time such Bonds are actually issued, exchanged or transferred. The Bond shall be designated and the form of the Bonds, the Registrar's certificate of authentication, if applicable, and the assignment shall be substantially in the form of EXHIBIT A attached hereto,with such appropriate insertions,variations and omissions as are required or deemed advisable by the Director of Finance with respect to a particular series of the Bonds, book-entry provisions, single instrument provisions or other provisions. SECTION 7. Sale of Bonds. To secure the payment of the USDA Loan from USDA, without any further authorization from or action by this Council but subject to the provisions hereof and of applicable law, the Director of Finance is hereby authorized to issue and sell the Bonds at a negotiated sale to USDA in accordance with Section 47-8,Hawai`i Revised Statutes,as amended,at such P rice or prices and upon such terms and conditions as such official shall approve and determine p pp to be in the best interest of the County. Without limiting the generality of the foregoing,with respect to the issuance and sale of the Bonds to secure the payment of the USDA Loan, the Director of Finance is hereby authorized to retain bond counsel, paying agents, registrars and financial and accountingconsultants,upon such terms and conditions as such official shall deem advisable and in p the best interest of the County, to select the date for such sale, to enter into one or more loan agreements with USDA pursuant to which the USDA Loan shall be made and the Bonds or portions thereof shall be issued to secure such USDA Loan, in each case in such form and containing such 3