HomeMy WebLinkAboutRES 126 Draft 01 2000-2002 COU~I~`Y OF ~I~~UA.~`I ~'`'.A`I'~ O~ I-~~AI~I
RESOLUTION NO. ~ ~
A RESOLUTION DIRECTING THE DIRECTOR OF PUBLIC WORKS TO INVESTIGATE
AND REPORT ON CERTAIN MATTERS RELATING TO THE PROPOSED REFUNDING
OF INDEBTEDNESS OF IMPROVEMENT DISTRICT NO. 17, KALOKO SUBDIVISION,
AND AUTHORIZING CERTAIN OTHER ACTIONS RELATING TO SUCH PROPOSED
REFUNDING IN ACCORDANCE WITH CHAPTER 12, ARTICLE 5, HAWAII COUNTY
CODE.
WHEREAS, the County of Hawaii (the "County") has heretofore established an
improvement district, designated as Improvement District No. 17, Kaloko Subdivision (the
"Improvement District"), and has issued $14,000,000 aggregate principal amount of special
assessment bonds, designated as its Improvement District No. 17, Kaloko Subdivision, 1991
Special Assessment Bonds (the "Outstanding Bonds"), to finance certain improvements within
the Improvement District; and
WHEREAS, by Petition duly filed with the County Council (the "Council"), MID
Corporation and TSA Corporation, as owners of land within the Improvement District
(collectively, the "Petitioners"), have requested that the County proceed with a proposed
refunding plan for the Improvement District (the "Refunding Plan") involving the refunding of
the Outstanding Bonds, currently outstanding in the aggregate principal amount of $10,165,000
(based on information provided by the Paying Agent for the Outstanding Bonds), and the
issuance of a new series of special assessment bonds (the "Refunding Bonds") for the purpose of
such refunding; and
WHEREAS, the Council intends hereby to direct and authorize the taking of certain
actions relating to the Refunding Plan pursuant to Chapter 12, Article 5, of the Hawaii County
Code.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF
HAWAII as follows:
1. Report of the Chief Engineer (Director of Public Works). The Chief Engineer of
the County (Director of Public Works) is hereby directed to investigate and report to the Council
on the matters specified in Section 12-59(b), Hawaii County Code, with respect to the
Refunding Plan. The report of the Chief Engineer (Director of Public Works) shall be filed with
the Council upon completion thereof in accordance with Section 12-59(c), Hawaii County Code.
2. Other Actions. Pending further authorization of the Refunding Plan, the
appropriate officials of the County are hereby authorized to proceed, in cooperation with the
Petitioners, with such actions as may be reasonably necessary or appropriate in order to evaluate
the Refunding Plan and to facilitate the development and implementation thereof provided their
selection is in compliance with State Procurement Rules.
3. Effective Date; Prior Inconsistent Resolutions Repealed. This Resolution shall
take effect immediately upon its adoption. All prior resolutions and portions of prior resolutions,
to the extent inconsistent herewith, are hereby repealed.
BE IT FINALLY RESOLVED that the Clerk of the County transmit a copy of this
resolution to the Mayor Harry Kim; Director of Public Works Dennis Lee, Finance Director Bill
Takaba and Hideki Hayashi, President of MID Corporation and TSA Corporation.
Dated at Knna , Hawaii, ~.p~ltc~mhPr 2~ , 2001.
INTRODUCED BY: b 1r
C ~ IL MBER, COUNTY OF HAWAII
COUNTY COUNCIL ROLL CALL VOTE
County of Hawaii AYES NOES ABS EX
H110, HaWal`t ARAKAKI
CHUNG
I hereby certify that the foregoing RESOLUTION was by ELARIONOFF
The vote indicated to the right hereof adopted by the COUNCIL of the )ACOBSON
County ofHawai`ion September 2~, 2001
LEITHEAD-TODD
PISICCHIO
ATTEST: SAFARIK
TYLER
YAGONG
9
4 ti Reference: C- 3 4 2
COUNTY CLERK CHAIRM~ PRESIDING OFFICER RESOLUTION NO.