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Y.:h• <br /> c •;�� ``-\1� •i c <br /> COUNTY OF HAWAII : ; STATE OF HAWAI I <br /> BILL NO. <br /> ORDINANCE NO. <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> OF THE COUNTY OF HAWAII IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO <br /> EXCEED$3,699,000 FOR THE PURPOSE OF FINANCING A PORTION OF THE COSTS <br /> OF CONSTRUCTING A PUBLIC SEWER SYSTEM SERVING THE LONO KONA <br /> SUBDIVISION; FIXING THE FORM, DENOMINATION, AND CERTAIN DETAILS OF <br /> SUCH BONDS; PROVIDING FOR THE ISSUANCE AND SALE OF SUCH BONDS; AND <br /> PROVIDING FOR OTHER MATTERS OR ACTIONS PERTAINING TO THE ISSUANCE <br /> AND SALE OF THE BONDS. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Findings and Determinations. It is hereby found and determined that: <br /> A. Pursuant to Chapter 12, Hawaii County Code 1983 (2016 Edition, as amended) (the <br /> "Hawaii County Code"),and Resolution Nos. 264-14, 519-14 and 72-15,the Council of the <br /> County of Hawaii(the"County")has authorized the creation,definition and establishment <br /> of a Sewer System Improvement District (the "Improvement District") for the purpose of <br /> undertaking and financing the costs of a project consisting of the construction, acquisition <br /> and installation of a public water system to serve the Lono Kona Subdivision(the"Project"). <br /> Pursuant to Chapter 12 of the Hawaii County Code, non-exempt properties within the <br /> Improvement District are subject to assessments to be used to reimburse the County for a <br /> portion of the costs of the Project, including financing costs, debt service costs and <br /> administrative expenses. <br /> B. Pursuant to a Letter of Conditions dated August 13, 2013 (the "Original Letter of <br /> Conditions"), the United States of America, acting through the Department of Agriculture, <br /> Rural Utilities Service ("USDA")offered to assist in the financing of the Project by making <br /> (1) a loan to the County (the "Original USDA Loan") in a principal amount not to exceed <br /> Two Million Four Hundred Thirty-Seven Thousand and No/100 Dollars ($2,437,000) and <br /> bearing interest at a rate not to exceed Two and One-Eighth Percent (2 1/8% ) per annum, <br /> and(2)a grant to the County(the"Original USDA Grant")in an amount not to exceed Four <br /> Million Twenty Four Thousand Eight Hundred and No/100 Dollars ($4,024,800). <br /> C. The County Council has authorized the Original USDA Loan and the Original USDA Grant <br /> pursuant to Resolution No. 377-17. In order to evidence and secure the Original USDA <br /> Loan,the County enacted Ordinance No. 17-73 authorizing the issuance of general obligation <br />