Chapter 12 Improvements by Assessments

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§ 12-45H AWAI‘I C OUNTY C ODE (2) The rights of the holder to tender for purchase and the price or prices and time or times and terms and conditions upon which those rights may be exercised; (3) The rights to purchase and price or prices and the time or times and terms and conditions upon which those rights may be exercised and the purchase may be made; and (4) Determine all other details of bonds issued under this chapter. (c) The principal of and interest and premium, if any, on all bonds issued under this chapter 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. Dates of such payment shall take into account the dates that assessment installments for the improvement district are due. Improvement bonds shall be subject to call but not prior to the second interest date thereof as hereinafter provided and at such premium, if any, as may have been provided for in the resolution authorizing such bonds, but not in excess of the maximum premium provided in the resolution of the council adopted pursuant to section 12-10. (1983 CC, c 12, art 4, sec 12-45; am 1984, ord 84-4, sec 3; am 1990, ord 90-127, sec 11.) 12-45 Section 12-46. Execution of bonds; records; funds for payment. (a) Improvement bonds shall be executed by the director of finance, or by a deputy of the director of finance duly designated by the director to execute such bonds, and issued pursuant to and under the authority and requirements of resolutions of the council. The bonds shall bear the lithographed or engraved facsimile signature of the mayor and shall be impressed with a lithographed or engraved facsimile of the seal of the County. If the council provides that no such improvement bond shall be valid or obligatory unless and until there shall be manually executed a certificate of authentication thereof, all signatures of County officials on the bonds may be facsimiles of their respective signatures. Interest coupons, if any, shall bear the lithographed or engraved facsimile of the signature of the director of finance. (b) The director of finance shall preserve a record of the bonds in a suitable book kept for that purpose. The council shall provide for books of registry to be kept for the registration of improvement bonds issued in fully registered form or which are subject to registration. (c) The bonds shall be payable only out of the moneys collected on account of assessments made for the improvement for which they are issued or from the reserve fund established pursuant to section 12-50, if the moneys collected out of assessments are insufficient to pay the bonds or the interest thereon as they become due. The County shall not otherwise guarantee payment of any bonds issued under the provisions of this chapter, provided that interest payments may be advanced by the council temporarily out of any moneys available in the County treasury. (1983 CC, c 12, art 4, sec 12-46; am 1984, ord 84-4, sec 3; am 1990, ord 90-127, sec 11.) 12-46 12-30