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1 <br /> SECTION 7. Sale of Bonds. Without any further authorization or approval from or action by <br /> the Council but subject to the provisions hereof and of applicable law,the Director of Finance is hereby <br /> authorized to issue and sell the Bonds in their entirety at one time,or from time to time in two or more separate <br /> series, or as part of a series of other general obligation bonds of the County, at competitive sale or at negotiated <br /> sale to qualified purchasers in accordance with Section 47-8, Hawaii Revised Statutes,as amended, in each <br /> case at such price or prices and upon such terms and conditions as she shall approve and determine to be in the <br /> best interest of the County. Without limiting the generality of the foregoing,with respect to the sale of the <br /> Bonds or of portions of the Bonds,the Director of Finance is hereby authorized to retain bond counsel,paying <br /> agents,registrars and financial and accounting consultants, upon such terms and conditions as she shall deem <br /> advisable,to select the date for such sale,to publish and distribute a Notice of Sale or to enter into a negotiated <br /> 3 <br /> contract for the sale of the Bonds or portions thereof, in each case in such form and containing such terms and I <br /> conditions as she shall approve and deem advisable,to distribute an Official Statement and such other <br /> information relating to the County and the Bonds as she may deem advisable,to receive bids for the sale of the <br /> Bonds or the portion thereof being offered and to award the sale of the Bonds or the portion thereof being <br /> offered to the bidder offering the lowest interest cost therefor, in accordance with the applicable Notice of Sale, <br /> if any; provided that the Director of Finance may reserve the right to reject any and all bids. Subject to the <br /> provisions of Section 3 hereof,without further action of the Council,the Bonds shall bear interest at the rates <br /> per annum as specified in the contract or contracts approved or in the bid or bids accepted.The Director of <br /> Finance and all officials of the County are hereby authorized to take such action and execute such orders, <br /> receipts and other documents as may be necessary in order to effectuate the sale of the Bonds or any portion <br /> thereof, and, if any contract therefor be approved or any bid therefor be accepted,the preparation,execution <br /> and delivery thereof, in accordance with the provisions hereof and applicable law. <br /> Subsequent to the sale of any of the Bonds,the Director of Finance shall report the results <br /> of such sale to the Council by letter. From and after the date the Director of Finance shall have accepted a <br /> bid for a series of Bonds, or shall have entered into a negotiated contract for the sale and purchase of a <br /> series of Bonds, the Council will take no action to modify, supplement, amend or repeal the provisions of <br /> this ordinance in a manner which would have an adverse effect on the ability of the County to perform its <br /> obligations under such accepted bid or contract. <br /> SECTION 8. Authorization of Bond Anticipation Notes. General obligation bond <br /> anticipation notes are hereby authorized and approved for issuance and sale by the Director of Finance,without <br /> further authorization or approval from or action by the Council, in anticipation of the issuance and sale of the <br /> 4 <br />