HomeMy WebLinkAboutBIL 348 Draft 01 2002-2004
COUNTY OF HAWAII STATE OF HAWAII
''~~~N''+~ BILL NO. 348
ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NO.04-59 OF THE COUNTY OF
HAWAII ON MAY 19, 2004 RELATING TO THE ISSUANCE OF GENERAL
OBLIGATION BONDS FOR THE PURPOSE OF FINANCING VARIOUS PUBLIC
IMPROVEMENTS FOR THE COUNTY OF HAWAII
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Ordinance No. 04-59, SECTIONS 1, 2 and 3 are hereby amended to read as
follows:
"SECTION 1. Findings and Determinations. The County Council has determined
to authorize the issuance and sale of general obligation bonds (the "Bonds") of the County in
a principal amount not to exceed [$40,000.000] $45,000,000, the proceeds derived from the
sale of which are to be expended by the County to finance various road and highway
construction and public transportation enhancements in the districts of North Kona, South
Kona, Puna, Hamakua, Hilo and South Kohala as set forth in Section 14. The County
Council has further determined that this authorization for the purpose and projects described
herein will address longstanding needs for highway construction and road improvements and
transportation enhancements and are in the best interest of the County.
"SECTION 2. Purpose. In selecting various road and highway construction
projects, priority shall be given to internal connector roads and road extensions to relieve
traffic bottlenecks and congestion in North Kona and South Kona, the findings and
recommendations of the Keahole to Honaunau Regional Circulation Plan and Puna Regional
Circulation Plan, an alternative route to the intersection of Lindsey Road and Mamalahoa
Highway in Waimea, strategic and timely acquisition of rights-of way in Kona and Puna, and
installation of traffic signals and other safety improvements. It is intended that the
distribution of the proceeds shall be apportioned as follows: North and South Kona, $23
million; South Kohala, $10 million; Puna, $7 million• three pazk-and-ride facilities in South
Kona North Kona and Puna, $1,500,000; Sand Gulch by-uass road in Hamakua, $2,400,000;
Laupahoehoe Point emereencv access road $100,000: transportation enhancement proiects in
Hilo, $1,000,000.
"SECTION 3. Authorization of Bonds. There aze hereby authorized for issuance
and sale Bonds of the County in a principal amount not to exceed [$40,000,000] $45,000,000
in the aggregate, the proceeds derived from the sale of which shall be used and expended by
the County to pay all or a part of the costs of the authorized public improvements referred to
in Section 14 hereof and all or a part of the costs incurred by the County in connection with
the issuance of the Bonds."
SECTION 2. Ordinance No. 04-59, SECTION 14, is hereby amended to read as follows:
"SECTION 14. Authorization of Proceeds for Public Improvements. The proceeds
from the issuance and sale of General Obligation Bonds of the County of Hawaii in the
principal amount of [$40,000.000] $45,000,000 shall be used for the sole purpose of
financing road and highway construction and transnortation enhancement projects in the
districts of North Kona, South Kona, Puna, Hamakua, Hilo and South Kohala."
SECTION 3. Material to be deleted is bracketed. New material is underscored. In printing
this ordinance, the brackets, bracketed material, and underscoring need not be included.
SECTION 4. Effective Date. This ordinance shall take effect upon its approval.
INTRODUCED BY:
COUNCIL MEMBE ,COUNTY OF HAWAII
Hawaii
Date of Introduction:
Date of 1 s` Reading:
Date of 2nd Reading:
Effective Date:
REFERENCE: Comm. 798