BIL 053 Draft 01 2018-2020 - Laserfiche WebLink

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COUNTY OF HAWAII ORDINANCE NO. STATE OF HAWAII BILL NO. 53 AN ORDINANCE AMENDING ORDINANCE NO. 16-29, WHICH AUTHORIZED THE MAYOR TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT FOR A STATE WATER POLLUTION CONTROL REVOLVING FUND LOAN FOR SOLID WASTE PUBLIC IMPROVEMENT PROJECTS; AND AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING QUALIFIED SOLID WASTE PUBLIC IMPROVEMENTS OF THE COUNTY OF HAWAII. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. The title of Ordinance No. 16-29 is hereby amended to read as follows: "AN ORDINANCE AUTHORIZING THE MAYOR OF THE COUNTY OF HAWAII TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT FOR A STATE WATER POLLUTION CONTROL REVOLVING FUND LOAN FOR SOLID WASTE PUBLIC IMPROVEMENT PROJECTS; AND AUTHORIZING THE ISSUANCE OF [$6;000;000] $10,000,000 GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING QUALIFIED SOLID WASTE PUBLIC IMPROVEMENTS OF THE COUNTY OF HAWAI9" . SECTION 2. Section 1 of Ordinance No. 16-29 is hereby amended to read as follows: "SECTION 1. Request for Loan. The County of Hawaii, pursuant to Section 342D-54, Hawaii Revised Statutes, will be submitting an application for a State Water Pollution Control Revolving Fund Loan (SRF Loan) to the Director of the Department of Health, State of Hawaii, to finance the construction of the solid waste project listed in "[Exhibit ]" Exhibit A, Draft 2". "Under the terms and conditions anticipated with regard to such SRF loan, the County shall repay, over a term of twenty years, the principal amount, which shall not exceed $6,000,000] $10,000,000, at a fixed rate of interest which shall not exceed the Bond Buyer's 20 -year general obligation bond issue" SECTION 3. Material to be repealed is bracketed and stricken. New material is underscored.