HomeMy WebLinkAboutBIL 115 Draft 01 1996-1998
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COUNTY OF HAWA1I;:{~;",;:~,:,~~STATE OF HAWAII
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BILL NO. 115
ORDINANCE NO. 97 113
AN ORDINANCE AMENDING ORDINANCE NO. 95-82 OF THE COUNTY OF
HAWAII ADOPTED ON JULY 5, 1995, AS AMENDED BY ORDINANCE NO.
96-92 ADOPTED ON AUGUST 15, 1996, RELATING TO THE ISSUANCE
OF GENERAL OBLIGATION BONDS.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Section 1 of Ordinance No. 95-82, as amended by
Ordinance No. 96-92 is hereby further amended as follows:
"SECTION 1. Findinas And Determinations. It is hereby
found and determined that appropriations for public
improvement projects of the County of Hawaii financed from
general obligation bond funds have been made in Ordinance
No. 93-50, as amended, Ordinance No. 94-70, as amended,
Ordinance No. 95-75, as amended, [and] Ordinance No. 96-68,
as amended, and Ordinance No. 97-82. as amended. for the
fiscal years ending June 30, 1994, June 30,1995, June
30,1996~ [and] June 30, 1997[,] and June 30. 1998.
respectively. It is hereby further found and determined
that it is advisable and in the best interest of the County
to authorize the issuance and sale of general obligation
bonds of the County in the maximum principal amount of
$30,000,000, the proceeds derived from the sale of which
shall be used to pay all or a part of the costs of
appropriations referred to above and to pay all or a part of
the costs of issuance of such bonds."
SECTION 2. Section 2 of Ordinance No. 95-82 as amended by
Ordinance No. 96-92 is amended as follows:
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"SECTION 2. Authorization of Bonds. There are hereby
authorized for issuance and sale general obligation bonds of
the County (the "Bonds") in the principal amount of Thirty
Million Dollars ($30,000,000), the proceeds derived from the
sale of which shall be used to pay all or a part of the
costs of appropriations for public improvement projects of
the County to be financed from general obligation bond funds
made in Ordinance No. 93-50, as amended, Ordinance No.
94-70, as amended, Ordinance No. 95-75, as amended, [and]
Ordinance No. 96-68, as amended and Ordinance No. 97-82. as
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amended. for the fiscal years ending June 30, 1994, June 30,
1995, June 30, 1996L [and] June 30, 1997 and June 30. 1998.
respectively, and to pay all or a part of the costs of
issuance of the Bonds, including, without limitation, the
initial fees of paying agents and registrars, the fees of
any financial consultants and bond counsel, underwriters'
discount, the cost of preparation of any official statement,
notice of sale and definitive bonds, and any cost of
publication required by law or as otherwise appropriate.
The cost of issuance of the Bonds shall be allocated pro
rata to each of the particular improvements financed from
the proceeds of the Bonds; and appropriations therefor are
hereby made. The proceeds derived from the sale of the
Bonds may be used to reimburse the General Fund for funds
theretofore borrowed pursuant to resolutions of the County
Council, if any, to pay costs of certain appropriations made
in Ordinance No. 93-50, as amended, Ordinance No. 94-70, as
amended, Ordinance No. 95-75, as amended, [and] Ordinance
No. 96-68, as amended, and Ordinance No. 97-82. as amended.
to be financed from general obligation bond funds. The
proceeds may not be used for any plans, financing or
construction for the Kealakehe Golf Course."
SECTION 3. Material to be deleted is bracketed. New
material is underscored. In printing this ordinance, the
brackets, bracketed material, and underscoring need not be
included.
SECTION 4. This ordinance shall take effect upon its
approval.
Introduced By
Hilo, Hawaii
Date of Introduction:
Date of 1st Reading:
Date of 2nd Reading:
Effective Date:
August 6, 1997
August 6, 1997
August 20, 1997
August 29, 1997
REFERENCE: Comm. 399