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`f ~ k~p~ <br /> COUNTY OF HAWAII STATE OF HAWAII <br /> ` ~;s°' BILL NO. ass <br /> DRAFT 2 <br /> ORDINANCE NO. <br /> <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING ALL OR A PORTION <br /> OF THE COSTS OF VARIOUS IMPROVEMENT PROJECTS AND REFUNDING CERTAIN <br /> OUTSTANDING DEBT OBLIGATIONS OF THE COUNTY; FIXING THE FORM, <br /> DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND <br /> PROVIDING FOR THEIR SALE TO THE PUBLIC; AND AUTHORIZING THE TAKING OF <br /> OTHER ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE BONDS AND THE <br /> RETIREMENT OF THE OBLIGATIONS TO BE REFUNDED. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAI°I: <br /> SECTION 1. Findings and Determinations. The County Council hereby determines <br /> and finds that it is advisable, expedient and in the best interest of the County to authorize the issuance, <br /> sale and delivery of general obligation bonds of the County in an aggregate principal amount not to <br /> exceed $110,000,000 (the "Bonds") for the purposes of funding all or a portion of the costs of certain <br /> public improvement projects of the County and refunding all or a portion of certain outstanding debt <br /> obligations of the County, as further described in Section 2 hereof. <br /> SECTION 2. Authorization of Bonds. There aze hereby authorized for issuance and <br /> sale, in one or more series, Bonds of the County for the purposes set forth below: <br /> (a) A portion of the Bonds, in an aggregate principal amount not to exceed <br /> $75,000,OOO,is hereby authorized to be issued for the purpose of funding all or a portion of the costs <br /> (including costs of issuance relating to the Bonds) of public improvement projects of the County <br /> (collectively, the "Projects") authorized under Ordinance No. 04-75, Ordinance No. OS-87 and <br /> Ordinance No. 06-80, being the capital budget ordinances of the County for the fiscal years ending June <br /> 30, 2005, June 30, 2006 and June 30, 2007, as heretofore or hereafter amended from time to time, or <br /> under the capital budget ordinance of the County for any subsequent fiscal yeaz. <br /> <br />