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HomeMy WebLinkAboutORD 1970-342BILL N0. 736 COUNTY OF HAWAII - STATE OF HAWAII ORDINANCE N0. ~~2 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $10,000,000 GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING VARIOUS PUBLIC IMPROVEMENTS OF THE COUNTY OF HAWAII, FIXING THE FORM AND DETAILS OF SUCH BONDS, AND PROVIDING FOR THEIR SALE; AND AU- THORIZING 'THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN AN'TICIPA'TION OF THE ISSUANCE AND SALE OF SAID BONDS. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. There are hereby authorized for issuance and sale general obligation bonds of the County of Hawaii (1) in the principal amount of $1,500,000, the same being the bonds referred to in Section 1 of Resolution No. 53, as amended, the proceeds derived from the sale of which shall be used to pay all or part of the costs of appropriations for various public improvements of the County made in the capital budget ordinance adopted January 15, 1969 (Ordinance No. 192), including the satisfaction and discharge of the principal of interim financing incurred with respect to such public improvements; (2) in the principal amount of $3,500,000, the same being the bonds referred to in Section 1 of Resolution No, 1~2, the proceeds derived from the sale of which shall be used to pay all or part of the costs of appropria- tions for various public improvements of the County made in the capital budget ordinance for the fiscal year ending June 30, 19'70 (Ordinance No. 235), including the satisfaction and discharge of the principal of interim financing incurred with respect to such public improvements; and (3) in the principal amount of $5,000,000, the same being part of the bonds referred to in Section 1 of Ordinance No. 335 adopted August 26, 19'70, the proceeds derived from the sale of which shall be used to pay all or part of the costs of appropriations for various public improvements made in the capital budget ordinance of the County for the fiscal year ending June 30, 19'71 (Ordinance No. 32'7), SF,CTION 2. The general obligation bonds authorized for issuance and sale in Section 1 hereof shall be combined into, issued and sold as a single issue of bonds aggregating Ten Million Dollars ($10,000,000) in principal amount, to be designated "Public Improve- ment Bonds, Series 1970" (hereinafter referred to as the "Bonds"). The Bonds shall be dated as of November 1, 1970; shall be issued in bearer form with coupons attached and without privilege of registra- tion; shall be in the denomination of $5,000 each; shall be numbered from 1 to 2,000 inclusive; and shall mature serially in numerical order in the principal amount of $560,000 on November 1 in each of the years 1973 and 1974, and in the principal amount of $555,000 on November 1 in each of the years 1975 to 1990, inclusive. The Bonds shall bear interest at such rate or rates per annum, not ex- ceeding eight per centum (8%) per annum, as shall be specified in the bid accepted for the purchase of the Bonds, if any bid therefor be accepted, such interest being payable semi-annually on May 1 and November 1 of each year, commencing with May 1, 1971. Both principal of and interest on the Bonds shall be payable at the office of the Director of Finance of the County of Hawaii, Hilo, Hawaii, or at the option of the holder thereof, at such place in the City of New York, New York, as the Director of Finance shall determine. The Bonds maturing November 1, 1981 shall be subject to redemption at the option of the County of Hawaii on and after November 1, 1980, in whole at any time, and in part from time to time on any interest payment date and in inverse order of maturities and by lot within a maturity, at the principal amount thereof, the interest accrued to the redemption date, and the following redemp- tion premiums: 3~ if redeemed November 1, 1980 and to and including October 31, 1982; 2% if redeemed thereafter and to and including October 31, 1984; 1~ if redeemed thereafter and to and including October 31, 1986; and no premium if redeemed thereafter. At least thirty days' notice of redemption will be published in The Daily -2- Bond Buyer or other financial paper published in either of the cities of New York, New York, or San Francisco, California. SECTION 3. The Bonds shall be signed by the Director of Finance of the County of Hawaii and shall bear the lithographed or engraved facsimile signature of the Mayor of the County of Hawaii and shall be sealed with the seal or a lithographed or engraved facsimile seal of the County of Hawaii. The interest coupons per- taining to the Bonds shall bear the lithographed or engraved facsimile of the signature of the Director of Finance of the County of Hawaii. The Bonds and the coupons attached thereto shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF HAWAII COUNTY OF HAWAII PUBLIC IMPROVEMENT BOND, SERIES 190 No. $5,000 The County of Hawaii, State of Hawaii, for value received hereby promises to pay to bearer the sum of Five Thousand Dollars ($5,000) on the day of November, 19_, upon presentation and surrender of this Bond, and to pay interest on said sum from the date hereof until payment of said sum in full at the rate of per centum ( ~) per annum, payable semi-annually on the first days of May and November in each year, such interest to the maturity hereof being payable only upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both the principal of and interest on this bond are payable at the office of the Director of Finance of the County of Hawaii, Hilo, Hawaii, or, at the option of the holder, at the principal office of the in the City of New York, New York, in any currency of the United States of America which at the time of payment is legal tender for public and private debts. This bond is one of a series of two thousand bonds of -3- like date, denomination and tenor, except as to number, interest rate and maturity. The bonds of the series of which this bond is one maturing November 1, 1981 and thereafter are subject to redemption at the option of the County of Hawaii prior to the respective stated maturities thereof, on and after November 1, 1980, in whole at any time, and in part from time to time on any interest payment date and in inverse order of maturities, at the principal amount thereof, the interest accrued thereon to the date fixed for redemption and the following redemption premiums expressed as a percentage of the principal amount redeemed: 3~ if redeemed November 1, 1980 and to and including October 31, 1982; 2% if redeemed thereafter and to and including October 31, 1984; l~ if redeemed thereafter and to and including October 31, 1986; and no premium if redeemed thereafter. If less than all the bonds of any maturity are called for redemption, the bonds of such maturity to be redeemed shall be selected by lot. In the event this bond is redeemable, as aforesaid, and shall be called for redemption, notice of the redemption hereof stating the designation, date, number and maturity of this bond, the date fixed for such redemption and the premium payable upon such redemption, shall be given by publication of such notice in THE DAILY BOND BUYER, a financial paper published in the City of New York, New York, or in lieu of such publication in THE DAILY BOND BUYER, by publication thereof in some other finan- cial paper published in either of the cities of New York, New York, or San Francisco, California, the date of such publication in any case to be at least thirty days prior to the date fixed for the redemption hereof. If this bond be redeemable and shall have been duly called for redemption and notice of the redemption hereof published as aforesaid, and if on or before the date fixed for such redemption payment hereof shall be duly made or provided for, interest hereon shall cease from and. after the redemption date hereof. This bond is one of a series of bonds authorized by the -4- Council of the County of Hawaii to be issued to provide funds for various public improvements of said County. This bond and the series of which it is a part are issued under and pursuant to and in full compliance with the Constitution and statutes of the State of Hawaii, including Part I of Chapter 4~ of the Hawaii Revised Statutes, as amended, the Charter of the County of Hawaii, and proceedings of the aforesaid Council duly taken thereunder. This bond is a general obligation of the County of Hawaii, and the payment of the principal and interest hereof is a first charge on the general fund of said County. The full faith and credit of the County of Hawaii are irrevocably pledged to the punctual payment of the principal of and interest on this bond according to its terms. It is hereby certified, recited and declared that all conditions, acts and things essential to the validity of this bond and the series of which it forms a part exist, have happened and have been done; that every requirement of law affecting the issuance thereof has been duly complied with; and that the amount of this bond and the series of which it forms a part, together with all other indebtedness of the County of Hawaii, is not in excess of any statutory or constitutional limitation of indebtedness. IN WITNESS WHEREOF, the County of Hawaii .has caused this bond to be signed by its Director of Finance, to bear the litho- graphed or engraved facsimile signature of its Mayor, to be sealed with a lithographed or engraved facsimile of its seal, the interest coupons hereto attached to bear the lithographed or engraved facsimile of the signature of its Director of Finance and this bond to be dated as of the first day of November, 190. DIRECTOR OF FINANCE OF THE COUNTY OF HAWAII MAYOR OF THE COUNTY OF HAWAII -5- (FORM OF COUPON) No. On 19 , unless the bond hereinafter mentioned shall be subject to prior redemption and shall have theretofore been duly called for previous redemption and payment of the redemption price duly made or provided for, the County of Hawaii, State of Hawaii, will pay to bearer at the office of the Director of Finance of the County of Hawaii in Hilo, Hawaii, or, at the option of the holder, at the principal office of the in the City of New York, New York, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, the sum shown hereon, being the interest then due on its Public Improvement Bond, Series 190, dated as of November 1, 190, No. DIRECTOR OF FINANCE SECTION 4. Without any further authorization from or action by this Council but subject to the provisions hereof and of applicable law, the Director of Finance is hereby authorized to issue and sell the Bonds authorized herein. Without limiting the generality of the foregoing, the Director of Finance is hereby authorized to select a date for the sale of the Bonds, to publish and distribute a Notice of Sale thereof in such form and containing such terms and conditions as he may deem advisable, to distribute an Official Statement and such other information as he may deem advisable, to receive bids for the sale of the Bonds and to award the sale of the Bonds to the bidder offering the lowest interest cost therefor, after allowing for any premium tendered; provided that the Director of Finance may -6- reserve the right to reject any and all bids. Without further action of this Council, the Bonds shall bear interest at the rates per annum as specified in the bid accepted. The Director of Finance shall report to this Council the result of the sale of the Bonds. The Director of Finance and all officials of the County of Hawaii are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the sale of the Bonds, and, if any bid therefor be accepted, the preparation, execution and delivery thereof, in accordance with the provisions hereof and applicable law. SECTION 5. (1) $1,500,000 of the proceeds derived from the sale of the Bonds shall be used to pay all or part of the cost of appropriations for various public improvements made in the capital budget ordinance of the County of Hawaii adopted January 15, 1969 (Ordinance No. 192), including the satisfaction and discharging of the principal of interim financing incurred with respect to such public improvements, and shall be allocated in the approximate amounts and for the general purposes as follows: Purpose Amount Drainage and Flood Control $600,000 Park Improvements 450,000 Roadway Improvements 150,000 Contingency 300,000 TOTAL $1,500,000 (2) $3,500,000 of the proceeds derived from the sale of the Bonds shall be used to pay all or part of the cost of appropriations for various public improvements made in the capital budget ordinance of the County of Hawaii for the fiscal year 1969-190 (Ordinance No. 235}, including the satisfaction and discharging of the principal of interim financing incurred with respect to such public improvements, and shall be allocated -7- in the approximate amounts and for the general purposes as follows: rur.I ose Amount Sewers and Sanitation $ 460,000 Roadway Improvements 1,060,000 Drainage and Flood Control 500,000 Public Buildings and Parking Facilities 680,000 Park Improvements 800,000 TOTAL $3,500,000 (3) $5,000,000 of the proceeds derived from the sale of the Bonds shall be used to pay all or part of the cost of appropriations for various public improvements made in the capital budget ordinance of the County of Hawaii for the fiscal year ending June 30, 1971 (Ordinance No. 327) and shall be allo- cated in the approximate amounts and for the general purposes as follows: Purpose Amount Sewers and Sanitation $ 545,000 Drainage Controls 750,000 Roadway Improvements 1,370,000 Park Improvements 1,835,000 Public Buildings and Parking Facilities 500,000 TOTAL $5,000,000 SECTION 6. General obligation bond anticipation notes are hereby authorized for issuance and sale by the Director of Finance in anticipation of the issuance and sale of the general obligation bonds authorized herein. The issuance and details of the notes shall be governed by the provisions of Section 47-2.2, Hawaii Revised Statutes, as amended. SECTION 7. This Ordinance shall take effect upon its approval. -8- INTRODUCED BY: ounce man, ounty o await Hilo, Hawaii Date of Introduction: September 23, 1970 Date of Adoption: October 1, 1970 -9- BILL N0. 736 Hilo, Hawaii Date of Introduction: Date of Adoptions September 23, 1970 October 1, 1970 First Readin AYES NOES E Car enter X De Luz X Edwards X Greenwell X Mata oshi X Souza X Yadao X Yamada X Chr Hisaoka X 9 0 0 Publication Dates September 27, 1970 Second 8 Final Readin AYES NOES E Ca enter x De Luz x Edwards x Greenwell x Mata oshi x Souza X Yadao X Yamada X Chr Hisaoka x 9 0 0 Publication Dates October 8. 1970 We do hereby certify that the foregoing BILL was adopted by the County Council and published as indicated above. this ~~day of _, 19~c./ County ~ ~ ! Council~Chairman County Clerk E_ . 3 ~ 2 _. .. ~~~c _ ... L:,i.,; September 231,_1970 October 1, 1970