HomeMy WebLinkAboutBIL 243 Draft 01 2004-2006 MtY Os H1
COUNTY OF HAWAII STATE OF HAWAII
'~tf ps ~N~~'
$II.I. NO. 243
ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NO. 95-82 OF THE COUNTY
OF HAWAII ADOPTED ON JULY 5, 1995, AS AMENDED BY
ORDINANCE NO. 96-92 ADOPTED ON AUGUST 15, 1996, RELATING
TO THE ISSUANCE OF GENERAL OBLIGATION BONDS.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECT"ION 1. Section 1 of Ordinance No. 95-82, as amended by Ordinance No.
96-92, is hereby amended as follows:
"SEC TION L Findings and Determinations. It is hereby found and determined that
appropriations for public improvement projects of the County of Hawaii to be financed from
general obligation bond funds have been made in Ordinance No. 93-50, as amended, Ordinance
Nu. 94-70, as amend, Ordinance 95-75, as amended, and Ordinance No. 96-68, as amended, for
the fiscal years ending June 30, 1994, June 30, 1995, June 30, 1996 and June 30, 1997,
respectively, and. under the>~al budget ordinances of the County" as amended, for subsequent
fscal vears. It is hereby further found and determined that it is advisable and in the best interest
of the County to authorize the issuance and sale of general obligation bonds of the County in the
maximum principal amount oC $30,000,000, the proceeds derived from the sale of which shall be
used to pay all or a part of the costs of appropriations referred to above and to pay all or a part of
the costs of issuance of such bonds."
SECTION 2. Section 2 of Ordinance No. 95-82, as amended by Ordinance No.
96-92, is hereby amended as follows:
"SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and
sale general obligation bonds of the County (the "Bonds") in the principal amount of Thirty
Million Dollars ($30,000,000), the proceeds derived from the sale of which shall be used to pay
all or a part of the costs of appropriations for public improvement projects of the County to be
financed from general obligation bond funds made in Ordinance No. 93-50, as amended,
Ordinance No. 94-7Q as amended, Ordinance No. 95-75, as amended, and Ordinance No. 96-68,
as amended, Cor the fiscal years ending June 30, 1994, .Tune 30, 1995, June 30, 1996 and June 30,
1997, respectively, o_r_under the capital budget ordinances of the County. as ame_,nded~for
subsequent fiscal and to pay all or a part of the costs of issuance of the Bonds, including,
without limitation, the initial fees of paying agents and registrars, the fees of any financial
consultants and bond counsel, underwriters' discount, the cost of preparation of any official
statement, notice of sale and definitive bonds, and any cost of publication required by law or as
otherwise appropriate. The cost of issuance of the Bonds shall be allocated pro rata to each of
the particular improvements financed from the proceeds of the Bonds; and appropriations
therefor are hereby made. The proceeds derived from the sale of the Bonds may be used to
reimburse the General Fund for funds theretofore, borrowed pursuant to resolutions of the
County Council, if any, to pay costs of certain appropriations made in Ordinance No. 93-50, as
amended, Ordinance No. 94-70, as amend, Ordinance 95-75, as amended, and Ordinance No. 96-
68, as amended, or under the capital budget ordinances of the County, as amended, for a~
subseauent_fiscal year to be financed from general obligation bond funds. The proceeds may
not be used for any plans, financing or construction for the Kealakehe golf Course."
SECTION 3. New material is double underscored. In printing this ordinance, the
double underscoring need not be included.
SECTION 4. This Ordinance shall take effect upon its approval.
Introduced By:
~1
COUNCIL MEMBER, COUNTY OF HAWAII
Hawaii
Date of Introduction:
Date of 1St Reading:
Date of 2"d Reading:
Effective Date:
REFLt1Li~lCt=: Comttr~. 745