HomeMy WebLinkAboutBIL 225 Draft 01 2020-2022AN ORDINANCE AUTHORIZING THE MAYOR OF THE COUNTY OF HAWAI‘I TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT FOR A STATE WATER POLLUTION CONTROL REVOLVING FUND LOAN FOR WASTEWATER PUBLIC
IMPROVEMENT PROJECTS; AND AUTHORIZING THE ISSUANCE OF $17,000,000 GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAI‘I FOR THE PURPOSE OF FINANCING QUALIFIED WASTEWATER PUBLIC IMPROVEMENTS
OF THE COUNTY OF HAWAI‘I
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAI‘I:
SECTION 1. Request for Loan. The County of Hawai‘i, pursuant to Section 342D-54, Hawai‘i Revised Statutes, will be submitting an application for a State Water Pollution Control Revolving
Fund Loan (SRF Loan) to the Director of the Department of Health, State of Hawai‘i, to finance the Wastewater project listed in “Exhibit A”.
Under the terms and conditions anticipated with regard to such SRF loan, the County shall repay, over a term of twenty years, the principal amount, which shall not exceed $17,000,000,
at a fixed rate of interest which shall not exceed the Bond Buyer’s 20-year general obligation bond issue.
SECTION 2. Authorization of Mayor. The Council hereby authorizes the Mayor to execute all necessary intergovernmental agreements and documents between the State of Hawai‘i and the
County of Hawai‘i, relating to the SRF to finance the Wastewater project listed in “Exhibit A”.
SECTION 3. Pledge of the County’s full faith and credit. The County also pledges its full faith and credit including but not limited to the County’s general taxing power, as security
for repayment of the loan, payment of interest, payment of any loan fees, and including a covenant to exercise the County’s authority as needed. The principal and interest payments,
and any loan fee payments, shall be a first charge on the General Fund of the County.
SECTION 4. Effective Date. This Ordinance shall take effect upon its approval.
Introduced By:
COUNCIL MEMBER, COUNTY OF HAWAI‘I
__________, Hawai‘i
Date of Introduction:
Date of 1st Reading:
Date of 2nd Reading:
Effective Date:
EXHIBIT A
WASTEWATER PROJECT (SRF FUNDED)
Project Amount
Department of Environmental Management:
Hilo WWTP Upgrades $17,000,000