2018-07-27 Letter to Valerie Poindexter re Bill for Ordinance Authorizing the issuance of General Obligation Bonds

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the form of EXHIBIT A attached hereto,with such appropriate insertions,variations and omissions as are required or deemed advisable by the Director of Finance with respect to a particular series of the Additional USDA Bonds, book-entry provisions, single instrument provisions or other provisions. SECTION 7. Sale of Bonds. To secure the payment of the Additional USDA Loan,without any further authorization from or action by this Council but subject to the provisions hereof and of applicable law,the Director of Finance is hereby authorized to issue and sell the Additional USDA Additional USDA Bonds at a negotiated sale to USDA in accordance with Section 47-8, Hawaii Revised Statutes, as amended, at such price or prices and upon such terms and conditions as such official shall approve and determine to be in the best interest of the County. Without limiting the generality of the foregoing,with respect to the issuance and sale of the Additional USDA Bonds to secure the payment of the Additional USDA Loan, the Director of Finance is hereby authorized to retain bond counsel, paying agents, registrars and financial and accounting consultants, upon such terms and conditions as such official shall deem advisable and in the best interest of the County,to select the date for such sale,to enter into one or more agreements with USDA pursuant to which the Additional USDA Loan shall be made and the Additional USDA Bonds or portions thereof shall be issued to secure such USDA Loan, in each case in such form and containing such terms and conditions as such official shall approve and deem advisable,and to take such other actions as such official may deem advisable. Subject to the provisions of Section 3 hereof,without further action of this Council, the Additional USDA Bonds shall bear interest at the rates per annum as specified in the agreement or agreements so approved. The Mayor, Director of Finance and all officials of the County are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the sale of the Additional USDA Bonds,and,if any agreement therefor be approved or any bid therefor be accepted,the preparation execution, and delivery thereof, in accordance with the provisions hereof and applicable law. SECTION 8. Reimbursement of Expenditures. The County expects that it may pay certain capital expenditures for the Project prior to the issuance of the Additional USDA Bonds, and reasonably expects to reimburse such expenditures from the proceeds of such Additional USDA Bonds. The County hereby declares its official intent to use proceeds of the Additional USDA Bonds to reimburse itself for such capital expenditures. This ordinance is adopted in part for the purpose of establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This ordinance shall be reasonably available for inspection at the office of the County Clerk, commencing within fifteen (15) days after its effective date. SECTION 9. Security for the Bonds. The Additional USDA Bonds are general obligations of the County, the full faith and credit of the County is hereby irrevocably pledged to the punctual payment of the principal of and interest on the Additional USDA Bonds according to the terms thereof, and the principal and interest payments on the Additional USDA Bonds shall be a first charge on and shall be paid from the General Fund of the County. SECTION 10. CUSIP Identification Numbers. The Director of Finance may authorize the 4