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§ 33-24 HAWAI`I COUNTY CODE <br /> (1) The figure obtained by adding together the amounts of interest payable on the <br /> bonds from their date to their respective maturity dates at the rate or rates <br /> specified by the bidder and deducting from the sum obtained the amount of <br /> any premium offered by the bidder; <br /> (2) Where the interest on the bonds is payable annually, the annual interest rate <br /> (compounded annually), or, where the interest on the bonds is payable <br /> semiannually, the rate obtained by doubling the semiannual interest rate <br /> (compounded semiannually), necessary to discount the principal and interest <br /> payments on the bonds from the dates of payment thereof to the date of the <br /> bonds and to the price bid (the price bid for the purpose of this paragraph shall <br /> not include the amount of interest accrued on the bonds from their date to the <br /> date of delivery and payment); or <br /> (3) Where the interest on the bonds is payable other than annually or <br /> semiannually or will vary from time to time, upon such basis as, in the opinion <br /> of the director of finance, shall result in the lowest cost to the County; provided <br /> that in any case the right shall be reserved to reject any or all bids and waive <br /> any irregularity or informality in any bid. <br /> (d) Bonds offered at competitive sale, without further action of the council, shall bear <br /> interest at the rate or rates specified by the successful bidder or varying rate or <br /> rates determined from time to time in the manner specified by the successful bidder <br /> with the consent of the director of finance. The notice of sale required by this <br /> section shall be published at least once and at least five days prior to the date of the <br /> sale in a newspaper circulating in the County and in a financial newspaper or <br /> newspapers published in any of the cities of New York, Chicago, or San Francisco, <br /> and shall be in such form and contain such terms and conditions as the director of <br /> finance shall determine. The notice of sale shall comply with the requirements of <br /> this section if it merely advises prospective purchasers of the proposed sale and <br /> makes reference to a detailed notice of sale which is available to the prospective <br /> purchasers and which sets forth the specific details of the bonds and terms and <br /> conditions upon which such bonds are to be offered. The notice of sale published <br /> and any detailed notice of sale may omit the date and time of sale, in which event <br /> the date and time shall be either published in the same newspapers in which the <br /> notice of sale has been published or transmitted via electronic communication <br /> systems deemed proper by the director of finance which is generally available to the <br /> financial community, in either case at least forty-eight hours prior to the time fixed <br /> for the sale. <br /> (e) The proceeds of the sale of bonds shall be applied to pay the project costs of the <br /> district. If no purchaser is found, the County may be the purchaser of any such <br /> bonds, using any funds available and unspent. Bonds sold to a purchaser other <br /> than the County may be sold for such discount as is acceptable to the council. <br /> (1994, ord 94-76, sec 3.) <br /> 33-18 <br />