HomeMy WebLinkAboutCOM 0209.006 2004-2006 +1:'•°` Phonc: (808) 96 ] -8263
BOB .IAC013SON
I~ax: (808) 961-8912
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I'; Mail: jacobskr;hgca.org
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HAWAII COUNTY COUNCIL
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Apri12Q 2005 _ _
TO: The Honorable Stacy Higa, Chairman
and Members, Hawaii County Council
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FROM: Council Member Bob Jacobson
SUBJECT: DRAFT ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF
ACQUIRING LAND FOR PUBLIC ACCESS, OPEN SPACE AND NATURAL RESOURCE
PRESERVATION; FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER
DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE PUBLIC; AND
AUTHORIZING THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF
GENF,RAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE
ISSUANCE AND SALE OF SUCH BONDS.
Forwarded for your review and consideration is Bill 79, Draft 2, Relating to the issuance of
general obligation bonds for the purpose of acquiring land for public access, open space, and
natural resource preservation.
Dratt 2 makes a number of technical and non-substantive changes recommended by bond
counsel that are Ramseyered below:
Section 1. Findines and Determinations. The County Council has determined to authorize the
issuance and sale of general obligation bonds of the County in a principal amount not to exceed
$10,000,000, the proceeds derived from the sale of which are to be expended by the County to
finance the acquisition of [ ,
(r3~ 79~Asr.d Comm. No. ZQq.~O
Ref. To: Pteier~L
Ref. Dais , A R 1 ~ ZQQ.
uddr;,~~ °r^«a:«° «°°a° c property in the County for: the preservation of coastal areas,
open space, cultural and historic sites, recreation areas, and natural resources; and the provision
of public access to the ocean, mountains, recreation, hunting and gathering areas. The County
Council has determined that acquisition of such property is in the best interests of the County.
[
lands.]
Section [3J 2_ Authorization of I3onds. There are hereby authorized for issuance and sale
Bonds of the County in a principal amount not to exceed $10,000,000 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 acquisitions referred to in Section [ 14] ]hereof and al l
or a part of the costs incurred by the County in connection with the issuance of the Bonds. In
selecting property to be acquired, priority shall be liven to coastal lands.
Sections 4, 5, 6 are renumbered 3, 4, 5.
Section 6. Execution and Form of Full~gistered Bonds. The Bonds of a series shall be
lithographed, steel engraved, typewritten, printed or in other reproduced form as the Director of
Finance may determine. The Bonds of a series shall bear the [lithographed or engraved] manual
or facsimile signatures of the Director of Finance and of the Mayor of the County [^«a~,a-~~
,.F ° °«a ««,..:,,°a F;.«r"°..' and the seal of the County or a facsimile thereof shall
be affixed to or printed on such Bonds; provided however, the Director of Finance may provide
for the Bonds of a series to be issued in and effect abook-entry system for such bonds. The
Director of Finance may prepare such number of blank Bonds of any series executed and sealed
as aforesaid as he shall determine and deliver such executed blank bonds to the registrar for such
series for safekeeping prior to the time such Bonds are actually issued, exchanged or transferred.
The Director of Finance shall direct the registrar for the Bonds of a series to register and
authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose unless
and until the certificate of authentication endorsed on such Bond shall have been manually
executed by such registrar.
Sections 8, 9, 10, 11, 12, 13 are renumbered 7, 8, 9, 10, 11, 12
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Sections 15, 16, 17 are renumbered l 3, 14, 15.
Att.