HomeMy WebLinkAboutBIL 161 Draft 01 2006-2008 4~~~
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COUNTY OF HAWAII ~ STATE OF HAWAII
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BILL NO. i6i
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE MAYOR OF THE COUNTY OF
HAWAII TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT FOR
A STATE WATER POLLUTION CONTROL REVOLVING FUND LOAN FOR
WASTEWATER PUBLIC IMPROVEMENT PROJECTS; AND AUTHORIZING
THE ISSUANCE OF $24,096,351 GENERAL OBLIGATION BONDS OF THE
COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING QUALIFIED
WASTEWATER PUBLIC IMPROVEMENTS OF THE COUNTY OF HAWAII
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Request for Loan. The County of Hawaii, pursuant to Section 342D-
54, Hawaii Revised Statutes, will be submitting an application for a State Water Pollution
Control Revolving Fund Loan (SRF Loan) to the Director of the Department of Health,
State of Hawaii, to finance the construction of the wastewater projects listed in "Exhibit A".
Under the terms and conditions anticipated with regard to such SRF loan, the
County shall repay, over a term of twenty years, the principal amount, which shall not
exceed $24,096,351, at a fixed rate of interest which shall not exceed the Bond Buyer's
20-year general obligation bond issue.
SECTION 2. Authorization of Mayor. The Council hereby authorizes the Mayor to
execute all necessary intergovernmental agreements and documents between the State
of Hawaii and the County of Hawaii, relating to the SRF to finance the construction of the
wastewater projects listed in "Exhibit A".
SECTION 3. Pledoe of the Countv's full faith and credit. The County also pledges
its full faith and credit including but not limited to the County's general taxing power, as
security for repayment of the loan, payment of interest, payment of any loan fees, and
including a covenant to exercise the County's authority as needed. The principal and
interest payments, and any loan fee payments, shall be a first charge on the General
Fund of the County.
SECTION 4. Effective Date. This Ordinance shall take effect upon its approval.
Introduced By:
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COUNCIL MEMB C NT OF HAWAII
Hawaii
Date of Introduction:
Date of 1ST Reading:
Date of 2nd Reading:
Effective Date:
REFERc'NC~: Comm. 630
EXHIBIT A
WASTEWATER PUBLIC IMPROVEMENT PROJECTS (SRF FUNDED)
Pro'ect Amount
Department of Environmental Management:
Honoka'a Large Capacity Cesspool Replacement $10,163,172
Na'alehu and Pahala Large Capacity Cesspool Replacement $13,933,179