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COUNTY OF HAWAII STATE OF HAWAII <br /> BILL NO. 79 <br /> D~"f~ <br /> ORDINANCE NO. <br /> <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> OF THE COUNTY OF HAWAII FOR THE PURPOSE OF ACQUIRING LAND FOR PUBLIC <br /> <br /> ACCESS, OPEN SPACE AND NATURAL RESOURCE PRESERVATION; FIXING THE <br /> FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND <br /> PROVIDING FOR THEIR SALE TO THE PUBLIC; AND AUTHORIZING THE ISSUANCE <br /> <br /> AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND <br /> <br /> ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF SUCH <br /> BONDS. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION I . Findings and Determinations. The County Council has determined to <br /> authorize the issuance and sale of general obligation bonds (the "Bonds") of the County in a principal <br /> amount not to exceed $10,000,000, the proceeds derived from the sale of which are to be expended by <br /> the County to finance the acquisition of property in the County for: the preservation of coastal areas, <br /> open space, cultural and historic sites, recreation areas, and natural resources; and the provision of public <br /> access to the ocean, mountains, recreation, hunting and gathering areas. The County Council has <br /> determined that acquisition of such property is in the best interest of the County. <br /> SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and <br /> sale Bonds of the County in a principal amount not to exceed $ 10,000,000 in the aggregate, the proceeds <br /> derived from the sale of which shall be used and expended by the County to pay all or a part of the casts <br /> of the authorized public acquisitions referred to in Section 1 hereof and all or a part of the costs incurred <br /> by the County in connection with the issuance of the Bonds. In selecting properly to be acquired, <br /> priority shall be given to coastal lands. <br /> SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in Section <br /> 2 hereof shall be issued and sold in one or more or as part of a series of other general obligation bonds of <br /> the County, all as shall be determined by the Director of Finance to be in the best interest of the County. <br /> <br />