HomeMy WebLinkAboutBIL 372 Draft 01 2006-2008STATE OF HAWAII
BILL NO. 37z
ORDINANCE NO.
AN ORllINANCE "f0 AMEND ORDINANCE NO.Ol-118 OF THE COUNTY OF IIAWAI`1,
RELATING TO CERTAIN MATTERS CONCERNING TIIE COUNTY'S OUTSTANDING
IMPROVEMENT DISTRICT NO. 17, KALOKO SUBllIViSION, 2001 SPECIAL
ASSESSMENT REFUNDING BONllS
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Pindines and Determinations. "1'he County Council of the County of
Hawaii (the "County") hereby finds and determines and finds that (a) pursuant to Ordinance No. Ol-
118, as passed by the Council on December 5, 2001 and approved by the Mayor on December 17, 2001
(the "Ordinance'), the County has issued a series of special assessment bonds, designated as the County
of Hawaii, Improvement District No. 17; Kaloko Subdivision, 2001 Special Assessment Refunding
Bonds (the "Bonds"); and (b) the Ordinance provides, among other things, for the appointment of a
Bond Registrar and Paying Agent (as such terms are defined in the Ordinance) with respect to the
Bonds; and (c) it is advisable, expedient and in the best interest of the County to amend certain
provisions of the Ordinance relating to the Bond Registar and Paying Agent so as to facilitate the orderly
administration of matters relating to the Bonds.
SECTION 2. Amendments. "fhc Ordinance is hereby amended as follows:
(a) Section 6.01(6) of the Ordinance is hereby amended and restated to read in its
entirety as follows:
(b) Removal. "hhc Paying Agent and Bond Registrar initially
appointed, and any successor thereto, may be removed by the County and a successor or
successors may be appointed. "ihe County shall compensate the Paying Agent and
Registrar for the performance oP their services hereunder and such compensation shall
be an Administrative Expense and he payable only from the Administrative Gxpensc
Account.
(b) Section 6.01 of the Ordinance is hereby further amended to include a new
subsection (e), which shall read in its entirety as follows:
(e) Successor Pa iy_nk~ At;cnt and Bond Re istrar. In the event of the
resignation or removal of the Paying Agent and/or Bond Registrar, the Director of
Finance, at his or her election, shall either serve as successor Paying Agent and/or Bond
Registrar or appoint a bank or trust company to serve as successor in such capacity or
capacities. In either case, the successor shall maintain a designated office to which
matters pertaining to the Bonds may be directed, and any references herein to the
corporate trust office or principal corporate trust office of the Paying Agent and/or Bond
Registrar or to the city or state in which such office is located, shall be deemed [o mean
and refer to the designated office of such successor.
SECTION 3. Reneal of Conllicts. All ordinances and resolutions, and any portions of
ordinances and resolutions, heretofore enacted or adapted by the Council which are in conflict or
inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of such
conflict or inconsistency.
SGC'I'ION 4. Severabilitv. If any provision of this ordinance or application thereof to
any person or circumstance is held invalid, such invalidity shall not aflcct other provisions or
applications of this ordinance which can be given effect wid~out the invalid provision or application, and
to this end, the provisions of this ordinance arc declared to be severable.
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SECTION 5. Effective Date. This ordinance shall take effect upon its approval.
INTRO CED BY:
E/~---
COUNCIL MEMBER, C T A ~ AI`I
Hawaii
Date of Introduction
Date of 1st Reading
Date of 2nd Reading
Effective Date:
REFERENC,E~ Cortm. ,.. ~4r,i„+.~,...,