HomeMy WebLinkAboutBIL 012 Draft 01 2008-2010COUNTY OF HAWAII
STATE OF HAWAII
BILL NO. Iz
ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NO. 04-59 OF THE COUNTY OF
HAWAII, AS HERETOFORE AMENDED BY ORDINANCE NO. 04-154, PERTAINING
TO THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF
FINANCING VARIOUS PUBLIC IMPROVEMENTS DESCRIBED THEREIN.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAI` I:
SECTION 1. Section 14 of Ordinance No. 04-59, as heretofore amended by Ordinance
No. 04-154, is hereby further amended to read as follows:
"SECTION 14. Authorization of Proceeds for Public Improvements-~
Reimbursement of Expenditures. The proceeds from the issuance and sale of
General Obligation Bonds of the County of Hawaii in the principal amount of
$47,000,000 shall be used for the sole purpose of financing road and highway
construction, transportation enhancement projects in the districts of North Kona, South
Kona, Puna, Hamakua, Hilo and South Kohala, and islandwide irtfrastrucmre planning
efforts for roadway corridors, wastewater and solid waste facilities, and multimodal
transportation. The County expects that it may may certain capital expenditures for
the fore oing_proiects prior to the issuance of the Bonds and reasonably expects to
reimburse such expenditures from the proceeds of the Bonds The County hereby
declares its official intent to use [he proceeds of the Bonds to reimburse itself for
future expenditures in connection with such projects This ordinance is adopted in
part for the purpose of establishin~pliance with the requirements of Section
1.150-2 of the U.S. Treasury Regulations This ordinance shall be reasonably
available for inspection at the Office of the County Clerk located at the Ben
Fratilclin Buildine, 2nd Floor, 333 Kilauea Avenue Hilo Hawaii 9670
commencine within fifteen (15) days after its adoption by the Council
SECTION 2. Material to be repealed is bracketed and stricken. New material is underscored.
In printing this ordinance, the brackets, bracketed and stricken material and underscoring need not be
included.
SECTION 3. Severability. If any provision of this ordinance, or the application thereof
to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or
applications of the ordinance which can be given effect without the invalid provision or
application, and to this end,the provisions of this ordinance are declared to be severable.
SECTION 4. Effective Date. This ordinance shall take effect upon its approval.
INTR UCED BY:
VWw~~ ~
COUNCIL MEMBER, COUNTY OF WAI` I
Hawai` i
Date of Introduction:
Date of 1st Reading:
Date of 2nd Reading:
Effective Date:
REFERENG6 Corrwn. 58