HomeMy WebLinkAboutBIL 372 Draft 02 2006-2008COUNTY OF HAWAII
STATE OF HAWAII
BILL NO. ~
(Draft 2)
ORDINANCE NO.
TO AMEND ORDINANCE NO.Ol-118 OF THE COUNTY OF HAWAII, RELATING TO
CERTAIN MATTERS CONCERNING THE COUNTY'S OUTSTANDING
IMPROVEMENT DISTRICT NO. 17, KALOKO SUBDIVISION, 2001 SPECIAL
ASSESSMENT REFUNDING BONDS.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAI`L•
SECTION 1. Findings and Determinations. The County Council of the County of Hawaii
(the "County") hereby finds and determines that: (a) pursuant to Ordinance No. 01-118, 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"); (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 Registrar and Paying Agent so as to facilitate the
orderly administration of matters relating to the Bonds.
SECTION 2. Ordinance No. 01-118 of the County of Hawaii, State of Hawaii, is amended
by amending Section 6.01 to read as follows:
Section 6.01. Pang Agent and Bond Registrar.
(a) Anpointrnent and Acceptance. The County hereby appoints Bank
of Hawaii, acting through its Pacific Century Trust division, as Bond Registrar and
Paying Agent for the Bonds hereunder. The Bond Registrar and Paying Agent shall
accept such appointment in writing prior to the initial delivery of the Bonds.
(b) Removal. The 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[; ~~°-~~a°a '''°' ~••°'' °~
„~:,.° .w° °:... „i.° .i.° °a° ° a:a ~.,. ° ~a ~°a „~;,.°]. The
County shall compensate the Paying Agent and Bond Registrar for the performance
of their services hereunder and such compensation shall be an Administrative
Expense and be payable only from the Administrative Expense Account.
(c) Resi ng ation. The Paying Agent and/or Bond Registrar appointed
hereunder may resign at any time upon 90 days' written notice and after
appointment of a successor. If the County does not appoint a successor Paying
Agent and/or Bond Registrar within ninety (90) days following the giving of any
notice of removal or receipt of any notice of resignation, the removed or resigning
Paying Agent and/or Bond Registrar may petition at the expense of the County any,
appropriate court having jurisdiction to appoint a successor Paying Agent and/or
Bond Registrar.
(d) Merger, Consolidation or Reorganization. Subject to the foregoing
provisions regarding the removal or resignation of the Bond Registrar and Paying
Agent, upon merger, consolidation, or reorganization of the Bond Registrar and/or
Paying Agent, the surviving corporation upon such merger or the corporation
resulting from such consolidation or reorganization shall succeed to the duties and
responsibilities of the Bond Registrar and/or Paying Agent hereunder.
fie,) Successor Pang Agent and Bond Registrar. In the event of the
resignation or removal of the Paving Agent and/or Bond Registrar, the Director of
Finance, at his or her election, shall either serve as successor Paving Agent and/or
Bond Registrar or appoint a bank or trust company to serve as successor in such
capaci 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 to mean and refer to the designated office of such successor.
SECTION 3. Repeal of Conflicts. All ordinances and resolutions, and any portions of
ordinances and resolutions, heretofore enacted or adopted 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.
SECTION 4. Severability. If any provision of this ordinance or application thereof to any
person or circumstance is held invalid, such invalidity shall not affect other provisions or
applications of this ordinance which can be given effect without the invalid provision or application,
and to this end, the provisions of this ordinance are declazed to be severable.
SECTION 5. Effective Date. This ordinance shall take effect upon its approval.
INTRODUCED BY:
~~-
COUNCIL MEMBER, C T O AWAI`I
Hawaii
Date of Introduction
Date of 1st Reading
Date of 2nd Reading
Effective Date:
REFERENCE: Comm. 1479.2