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HomeMy WebLinkAboutORD 1975-139BILL N0. 145 (Amended) COUNTY OF HAWAII - STATEllOF HAWAII ORDINANCE NO. ~.J:~ 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, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS, AND PROVIDING FOR THEIR SALE; AND AUTHORIZING THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSU- ANCE 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 during the current fiscal year general obligation bonds of the County of Hawaii in the principal amount of $10,000,000, the proceeds derived from the sale of which shall be used to pay all or part of the cost of appropriations for various public improvements of the County to be financed from general obligation bond funds made (a) in the capital budget ordinance for the fiscal year ending June 30, 1971 (Ordinance No. 327, as amended); (b) in the capital budget ordinance for the fiscal year ending June 30, 1972 (Ordinance No. 409, as amended); (c) in the capital budget ordinance for the fiscal year ending June 30, 1973 (Ordinance No. 475, as amended); (d) in the capital budget ordinance for the fiscal year ending June 30, 1974 (Ordinance No. 586, as amended); (e) in the capital budget ordinance for the fiscal year ending June 30, 1975 (Ordinance No. 46, as amended); and (f) in the capital budget ordinance for the fiscal year ending June 30, 1976 (Ordinance No. 128, as amended). SECTION 2'.. The general obligation bonds (hereinafter referred to as the "Bonds") authorized for issuance and sale in Section 1 hereof sYiall be issued and sold in their entirety at one time, or from time to time in part in series, as shall be deter- mined by the Director of Finance. All such Bonds shall be issued in bearer form with coupons attached and without privilege of re- gistration and shall be in the denomination of $5,000 each. The Bonds of a given series shall be numbered from 1 upwards in order of maturity; shall mature in numerical order annually on the day in each year which is the anniversary of the date of the Bonds of such series, the first of such maturities to be not later than three years from the date thereof and the last of such maturities to be not later than twenty years from the date thereof, in such amount in each year as shall be determined by the Director of Finance; and shall bear interest at such rate or rates per annum, not exceeding eight per centum (8%) per annum, as shall be specified in the bid accepted for the purchase of the Bonds of such series, if any bid therefor be accepted, such interest being payable on the day which is six months from the date of the Bonds of such series and semi-annually thereafter. The Director of Finance is hereby authorized to deter- mine, in accordance with and subject to the provisions of this ordi- nance, the series designation of the Bonds; the date or dates of the Bonds; the interest payment dates thereof; the maturity dates thereof; the amount of principal maturing on each maturity date; the place or places of payment thereof in addition to the office of the Director of Finance; and whether or not the Bonds shall be subject to redemp- tion prior to the stated maturity and if subject to such prior redemption, the provisions for such prior redemption, the premiums (if any) payable upon such redemption and the respective periods in which such premiums are payable; provided that all such details shall be subject to ratification by this council by resolution adopted at or prior to the time of sale of the Bonds. In the event any of the Bonds shall be subject to prior redemption, at least thirty days' -2- notice of redemption will be published in The Daily 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 or a Deputy Director of Finance and shall bear the litho- graphed or engraved facsimile signature of the Mayor of the County of Hawaii and shall be sealed with the seal or a lithographed or engraved fassimile seal of the County of Hawaii. The interest coupons pertaining to the Bonds shall bear the lithographed or engraved facsimile of the signature of the Director of Finance. The Bonds shall be designated and the form of the Bonds and the coupons attached thereto shall be, substantially as follows with such appropriate insertions, variations, and omissions as are re- quired with respect to a particular series of the Bonds: UNITED STATES OF AMERICA STATE OF HAWAII COUNTY OF HAWAII PUBLIC IMPROVEMENT BOND, SERIES No. $5,000 The County of Hawaii, State of Hawaii, for value re- ceived hereby promises to pay to bearer the sum of Five Thousand Dollars ($5,000) on the day of 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 day of and 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. Soth the principal of and interest on this bond are payable at the office of the Director of Finance -3- 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, or at the principal office of the , in the City of San Francisco, California, 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 bonds of 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 , 19 _, and thereafter are subject to redemption at the option of the County of Hawaii prior to the re- spective stated maturities thereof, on and after , 19_, 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: ~ if redeemed 19 and to and including 19 ; ~ if redeemed thereafter and to and including 19_; _~ if redeemed thereafter and to and including , 19 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 -4- The Daily Bond Buyer, by publication thereof in some other financial 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 pay- ment hereof shall be duly made or provided for, interest hereon shall cease from and after the redemption date hereof and the coupons representing such interest shall be void. This bond is one of a series of bonds authorized by the 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 47 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 ir- revocably 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 con- ditions, 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 there- of has been duly complied with; and that the amount of this bond and -5- the series of whicYi it forms a part, together with all other indebted- ness of the County of Hawaii is not in excess of any statutory or constitutional limitation of indebtedness. IN WITNEE~S WHEREOF, the County of Hawaii has caused this bond to be signed try its Director of Finance or a Deputy Director of Finance, to bear the lithographed or engraved facsimile signature of its Mayor and to be sealed with a lithographed or engraved facsimile of its seal, the interest coupons hereto attached to bear th.e lithographed or engraved facsimile of the signature of its Director of Finance and this bond to be dated as of the day of 19 Director o Finance or Deputy Director of Finance of the County of Hawaii Mayor o t e County o~ Hawa i (FORM OF COUPON) No. S On 19 unless the bond herein- after 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 -6- in the City of Pdew York, New York, or at the principal office of the in the City of San Francisco, California, in any coin or curx-ency 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 interest then due on its Public Improvement Bond, Series , dated as of 19 No. Director of Finance SECTION 9-. 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 at one time, or from time to time in series, during the current fiscal year. Without limiting the generality of the foregoing, with respect to the sale of the Bonds or of portions of the Bonds the Director of Finance is hereby authorized to select the date for such e~ale, to publish and distribute a Notice of Sale in such form and containing such terms and conditions as he may deem advisable, to distribute an Official Statement and such other informa- tion as he may deem advisable, to receive bids for the sale of the Bonds or the portion thereof being offered and to award the sale of the Bonds or the portion thereof being offered to the bidder offering the lowest interest. cost therefor, after allowing for any premium tendered; provided that the Director of Finance may reserve the right to reject any and a.ll bids. Subject to the provisions of Section 2 hereof without further action of this Council the Bonds shall bear interest at the rates per annum as specified in the bid or bids accepted. The Director of Finance and all officials of the County -7- 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 or any portion thereof, and, if any bid therefor be accepted, the preparation, execution and delivery thereof, in accordance with the provisions hereof and applicable law. SECTION 5. 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 6. All or any portion of the proceeds derived from the sale of the Bonds, or any notes issued in anticipation of the Bonds, shall be used to pay all or part of the cost of any appropriation for various public improvements made in Capital Budget Ordinances Nos. 327, 409, 475, 586, 46 and 128, as amended, but not to exceed as to any particular capital budget ordinance the amount which equals the amount of unlapsed appropriations which may be financed from the proceeds of general obligation bonds and which have not been financed from such proceeds or from other moneys. The County hereby covenants with the holders from time to time of the Bonds and the notes authorized herein, that so long as any Bonds or notes shall be outstanding, the County shall comply with the re- quirements of Section 103 (d) of the U.S. Internal Revenue Code of 1954, as amended, and the applicable regulations of the Internal Revenue Service adopted thereunder. -8- SECTION '7. The Director of Finance may authorize the printing of CUSIP :identification numbers upon the filing panel of the Bonds. Such numbers and the printing thereof shall be subject in all resgects to the provisions of Section 47-8.5, Hawaii Revised Statutes. if the original purchaser of the Bonds, or any portion thereof, shall procure insurance for the payment of the principal of and interest on such Bonds and desires that a statement with respect to such insurance shall be printed upon such Bonds, space shall be provided on the backs of the printed Bonds for the printing of such statement. The cost, if any, of the printing of any such statement upon the Bonds shall be at the expense of such original purchaser, and the County of Hawaii shall not have any liability with respect thereto. Should the procuring of such insurance and the printing of a e,tatement of such insurance upon the back of the Bonds or either thereof cause a delay either in the printing of the Bonds or in the delivery of and payment therefor, the County, after notifying the original purchaser of the same, shall proceed with the printing of such Bonds without a copy of such statement thereon, or shall proceed with the delivery of such Bonds without such insurance having been obtained, as the case may be, unless an agreement is reached between the County and the original purchaser of such Bonds extending the date of delivery of and payment for such Bonds. Neither the failure by the original purchaser of the Bonds to obtain any such insurance nor the failure to print on any Bonds a copy of a statement of insurance or any error with respect thereto shall constitute cause for failure or refusal by the original purchaser of the Bonds to accept delivery of and pay for such Bonds. If any such insurance on the Bonds shall be obtained -9- by the original purchaser of such Bonds, (a) such insurance shall not constitute a part of the contract by and with the County of Hawaii evidenced by a particular Bond or constitute a part of the proceedings providing for the issuance thereof, and (b) no liability or responsibility shall attach to the County of Hawaii or any officer or agent thereof in any way by reason of any such insurance, including, without limiting the foregoing, with respect to the procuring, maintenance, enforcement or collection thereof. Without limiting the effect of the provisions of the next preced- ing sentence, the County of Hawaii shall be under no obligation to take or refrain from taking any action by reason of the existence of such ~_nsurance or any of the provisions thereof, even though the ta}:ing, or refraining from taking, of such action may result in or be' cause for cancellation or cessation of such insurance. SECTION f3. This Ordinance shall take effect upon its approval. INTRODUCED BY: ~~i?~ ~ V~~~iQ/~~r~dl/ Councilman, County of Hawaii Date of Introduction: July 23, 1975 Date of Adoption: August 20, 1975 Effective Date: August 27, 1975 -10- Hilo, Hawaii Date: July 23, 1975 FIRST READING AYES NOES A/E Carpenter X De Luz X Fujii X Hisaoka X Kawahara X L°' }L Lavin }( Yadao X Yamada X -- 9 Publication Date: __JUL ~ ~~ X975 Hilo, Hawaii Date: Anaust 9(1 197 SECOND & FINAL READING AYES NOES A/E Carpenter $ De Luz X Fujii X Hisaoka X __, Kawahara ?~ Lai X Levin X Yadao X Yamada X - 9 1 Publication Date: _ SCP .3 137~i We do hereby certify that The foregoing BILL was adopted by the County Council and published as indicated above. r_______. __._.._ i ~~ Approved/D~icop*ro~Cd-'this- ~~!_~~__day o4 C„C Council Chairman County Clerk ~~ V Mayor, County of Hawaii Bill No.__14z___ __ Reference-~., t n n ti iFr t i r~~ .._ M.B. No. _-~~-+~----_ Ord. No. 1 ' •.' Y H ~' -~:_°- _. CIFFICE OF THE COUNTY CLERK HAWAII COUNTY BUILDING COUNTY OF HAWAII HILO. HAWAII 96740 July 23, 1975 Refer: gill 145 To: SECRETARY TO COUNCIL COMNLCTTEES Re: Bill 145 - :Issuance & Sale of $10,000,000 General Obligation Bonds The following is the action of the Hawaii County Council adopted at its meeting held- t~G y Adopt Bill 145 on first reading and refer back to Finance Committee. ~~ I~"~`' COUNTY CLERK ~ ~ ~, BILL NO. 145 COUrITY OF HAWAII - STATE OF HAWAII ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE OF $10,000,000 GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING VARIOUS PLIBLIC IMPROVEMENTS OF THE COUNTY OF HAWAII; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS, AND PROVIDING FOR THEIR SALE; AND AUTHORIZING THE ISSUANCE AND SALE OE' A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSU- ANCE 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 during the current fiscal year general obligation bonds of the County of Haooaii in the principal amount of $10,000,000, the proceeds derived from the sale of which shall be used to pay all or part of the cost of appropriations for various public improvements of the County to be financed from general obligation bond funds made (a) in the capital budget ordinance for the fiscal year ending June 30, 1971 (Ordinance No. 327, as amended); (b) in the capital budget ordinance fog: the fiscal year ending June 30, 1972 (Ordinance No. 409, as amended;l; (c) in the capital budget ordinance for the fiscal year ending ;June 30, 1973 (Ordinance No. 475, as amended); (d) in the capital budget ordinance for the fiscal year ending June 30, 1974 (Ordinance No. 586, as amended); (e) in the capital budget ordinance fo:r the fiscal year ending June 30, 1975 (Ordinance No. 46, as amended); and (f) in the capital budget ordinance for the fiscal year ending ~7une 30, 1976 (Ordinance No.128, as amended). SECTION 2. The general obligation bonds (hereinafter referred to as the "Bonds") authorized for issuance and sale in Section 1 hereof shall be issued and sold in their entirety at one time, or from time to time in part in series, as shall be deter- mined by the Director of Finance. All such Bonds shall be issued in bearer form with coupons attached and without privilege of re- gistration and sha1:1 be in the denomination of $5,000 each. The Bonds of a given series shall be numbered from 1 upwards in order of maturity; shall mature in numerical order annually on the day in each year which is the anniversary of the date of the Bonds of such series, the first of such maturities to be not later than three years from the date thereof and the last of such maturities to be not later than twenty years from the date thereof, in such amount in each year as shall be determined by the Director of Finance; and shall bear interest at such rate or rates per annum, not exceeding eight per centum (8~) per annum, as shall be specified in the bid accepted for the purchase of the Bonds of such series, if any bid therefor be accepted, such interest being payable on the day which is six months from the date=_ of the Bonds of such series and semi-annually thereafter. The Director of Finance is hereby authorized t.o deter- mine, in accordance with and subject to the provisions of this ordi- nance, the series designation of the Bonds; the date or dates of the Bonds; the interest payment dates thereof; the maturity dates thereof; the amount of principal maturing on each maturity date; the place or places of payment thereof in addition to the office of the Director of Finance; and whether or not the Bonds shall be subject to redemp- tion prior to the stated maturity and if subject to such prior redemption, the provisions for such prior redemption, the premiums (if any) payable upon such redemption and the respective periods in which such premiums are payable; provided that all such details shall be subject to ratification by this council by resolution adopted at or prior to the time of sale of the Bonds. In the event any of the Bonds shall be subject to prior redemption, at least thirty days' - 2 - notice of redemption will be published in The Daily 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 or a Deputy Director of Finance and shall bear the litho- graphed or engraved facsimile signature of the Mayor of the County of Hawaii and shall be sealed with the seal or a lithographed or engraved fascimile seal of the County of Hawaii. The interest coupons pertaining to the Bonds shall bear the lithographed or engraved facsimile of the signature of the Director of Finance. The Bonds shall be designated and the form of the Bonds and the coupons attached the=_reto shall be, substantially as follows with such appropriate insertions, variations, and omissions as are re- quired with respect to a particular series of the Bonds: UNITED STATES OF AMERICA STATE OF HAWAII COUNTY OF HAWAII PUBLIC :IMPROVEMENT BOND, SERIES No. $5,000 The County of Hawaii, State of Hawaii, for value re- ceived hereby promises to pay to bearer the sum of Five Thousand Dollars ($5,000) on the day of 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 __ day of and in each year, such interest to thca 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 - 3 - 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, or at the principal office of the , in the City of San Francisco, California, 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 bonds of like date, denomination ,snd tenor, except as to number, interest rate and maturity. The bonds of the series of which this bond is one maturing 19_, and thereafter are subject to redemption at the option of the County of Hawaii prior to the re- spective stated maturities thereof, on and after , 19_, in whole at +sny time, and in part from time to time on any interest payment date and in inverse order of maturities, at the principal amount the=_reof, the interest accrued thereon to the date fixed for redemption and the following redemption premiums expressed as a percentage of the principal amount redeemed: B if redeemed 19 and to and including 19 ; _~ if redeemed thi>_reafter and to and including , 19_; _~ if redeemed thereafter and to and including , 19 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 llaily Bond Buyer, a financial paper published in the City of New Yorlc, New York, or in lieu of such publication in - 4 - The Daily Bond Buyer, by publication thereof in some other financial 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 pay- ment hereof shall b~e duly made or provided for, interest hereon shall cease from. and after the redemption date hereof and the coupons representing such interest shall be void. This bond is one of a series of bonds authorized by the 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 47 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 ir- revocably pledged to the punctual payment of the principal of and interest on this bond according to its terms. It is hercaby certified, recited and declared that all con- ditions, 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 there- of has been duly connplied with; and that the amount of this bond and - 5 - the series of which it forms a part, together with all other indebted- ness 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 or a Deputy Director of Finance, to bear the lithographed or engraved facsimile signature of its Mayor and 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 day of 19 . Director of Finance or Deputy Director of Finance of the County of Hawaii Mayor of the County of H- aw~i No. On 19 unless the bond herein- after 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 (FORM OF COUPON) - 6 - in the City of New York, New York, or at the principal office of the in the City of San Francisco, California, 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 interest then due on its Public Improvement Bond, Series dated as of 19 No. Director o 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 at one time, or from time to time in series, during the current fiscal year. Without limiting the generality of the foregoing, with respect to the sale of the Bonds or of portions of the Bonds the Director of Finance is hereby authorized to select the date for such s+~le, to publish and distribute a Notice of Sale in such form and containing such terms and conditions as he may deem advisable, to distribute an Official Statement and such other informa- tion as he may deem advisable, to receive bids for the sale of the Bonds or the portion thereof being offered and to award the sale of the Bonds or the portion thereof being offered to the bidder offering the lowest interest cost therefor, after allowing for any premium tendered; provided that the Director of Finance may reserve the right to reject any and a:Ll bids. Subject to the provisions of Section 2 hereof without further action of this Council the Bonds shall bear interest at the rate=_s per annum as specified in the bid or bids accepted. The Director of Finance and all officials of the County - 7 - 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 or any portion thereof, and, if any bid therefor be accepted, the preparation, execution and delivery thereof, in accordance with the provisions hereof and applicable law. SECTION 5. 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 6. All or any portion of the proceeds derived from the sale of the Bonds, or any notes issued in anticipation of the Bonds, shall be used to pay all or part of the cost of any appropriation for various public improvements made in Capital Budget Ordinances Nos. 327, 409, 475, 586, 46 and 128 , as amended, but not to exceed as to any particular capital budget ordinance the amount which equals the amount of unlapsed appropriations which may be financed from the proceeds of general obligation bonds and which have not been financed from such proceeds or from other moneys. The County hereby covenants with the holders from time to time of the Bonds and the notes authorized herein, that so long as any Bonds or notes shall be outstanding, the County shall comply with the re- quirements of Section 103(d) of the U.S. internal Revenue Code of 1954, as amended, and the applicable regulations of the Internal Revenue Service adopted thereunder. - 8 - SECTION 7. This Ordinance shall take effect upon its approval. INTRODUCED BY: ~~~~~ ~~ Cou ca man, County o Hawaii - Hilo, Hawaii Date of Introduction: July 23, 1975 Date of Adoption: Effective Date: - 9 - Bill No. 145 - 1975 AN ORDINANCE AUTHORI:~IN~i THE ISSUANCE OF $10,000,000 GENERAL OBLIGATION BONDS OF '.CHE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING VARIOUS PUBLIC IMPROVEMENTS OF THE COUNTY OF~HAWAIIp FIXING THE FORM, DENIJMINATZON AND CERTAIN OTHER FEATURES OF SUCH BONDS, AND PROV'.IDlirli r'VR 'Piic~Iit :,ALE; AND AU'L'auRl.~INv THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTZC:IPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF SAID BONDS. This Bill authorizes the issuance and sale of 510,000,000 General Obligation Bonds of the County of Hawaii for the purpose of financing various public improvements of the County of Hawaii. Date Introduced: July 23, 1975 Copies of the foregoing Bill, in full, are on file in the Office of the County Clerk :Eor use and examination by the public. I hereby certify that the foregoing Bill passed first reading at the meeting of the County Council on July 23, 1975, by the following aye and no vote: AYES: Councilmen Carpenter, De Luz, Fujii, Hisaoka, Kawahara, Lai, Levin, Yadao and Chairman Yamada - 9. NOES: None. 0\ ~'1 ~~~ tai COUNTY CLERK COUNTY OF HAWAII ORDINANCE NO. 139 (Bill No. 145-1975) 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, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS, AND PROVIDING FOR THEIR SALE; AND AUTHORIZING THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF SAID BONDS. Date Approved: August 20, 1975 Date Effective: August 27, 1975 Copies of the foregoing Ordinance, in full, are on file in the Office of the County Clerk for use and examination by the public. I hereby certify that the foregoing Ordinance passed second and final reading at the meeting of the County Council on August 20, 1975, by the following aye and no vote: AYES: Councilmen Carpenter, De Luz, Fujii, Hisaoka, Kawahara, Lai, Levin, Yadao and Chairman Yamada - 9. NOES: None. `/ COUNTY CLERK COUNTY OF HAWAII 6ip1~%fNM~'hMrnM~ Pi ~I~OF° N4 ~ ~~:~. Ted T. Suzuki ~~P COUNTY CLERK +~' O F ,~^~ OFFICE OF THE COUNTY CLERK COUNTY ^F HAWAII HIlO. HAWAII 9672C Mayor Herbert T. Matayoshi County of Hawaii Filo, Hawaii Robert Shioji DEPUTY COUNTY CLERK I hereby transmit Ordinance Bill No. 145 passed by the County Council on second and final reading. v~ ' COUNTY CLERK Encl. Luc 2 a Ig» Dated: