HomeMy WebLinkAboutORD 1977-266 1976-1980BILL NG. 291
COUNTY OF HAWAII - STATE OF HA4IAII
ORDINANCE NO. ~6F)
AN ORDINANCE AUTHORI'LING THE ISSUANCE AND DISPOSITION OF $E00,000
PUBLIC IMPROVEMENT BONDS OF THE COUNTY OF HAWAII, HAWAII, TO FI-
NANCE THE COUNTY'S PORTION OF THE KULAIMANO SEWERAGE SYSTEN.' PRO-
JECT, TO SECURE THE PAYMENT OF A LOAN BY THE UNITED STATES OF
AMERICA, FARMERS HOME ADMINISTRATION, AND DETERMINING THE E'ORM
AND DETAILS OF SUCH BONDS.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HALdAII:
SECTION 1. Findings and Determinations. The Council of the
County of Hawaii hereby finds and determines that:
A. It ~s necessary, advisable and desirable that.
the County of Hawaii undertake those public improvements
now known as the Kulaimano Sewerage System, the same con-
sistina of certain sewerage and related facilities and
the acquisition of land or interests therein for such
purpose;
B. The United States of America acting by and t}irough
the Farmers Home Administration has offered to make a
loan, at one time or from time to time, in the principal
amount not to exceed S`OO,OOd to the County of Hacaaii under
the Federal Consolidated Farm and Rural Development Act
to pay part of the cast of the Kulaimano Sewerage System,
such loan to bear interest at: the rate of 5% per annun;
C. It .s advisable and desirable for the County
of Hawaii to obtain t:he loan from the United States of
America referred to i.n the subparagraph. immediately
preceding; and
D. It is necessary, advisable and desirable that
to secure the payment: of the loan referred to in sub-
paragraph B above the County of Hawaii authorize,
issue and dispose of to the United States of America
acting by and through the Farmers Home Administration
general obligation bonds of t:he County of Hawaii in a
principal amount equal to the principal of the loan
obtained by the County of HaHraii from the United States
of America, Farmers Home Administration.
SECTION 2. Authorization ands. Details of Bonds. Pursuant to
the authority of Part Z of Chapter 47, Hawaii. Revised Statu1:es, and
the Charter of the County of Hawaii, there are hereby authorized to
be issued under said part for the public improvements described in
subparagraph A of Section 1 hereof, at one time or from. time to time,
general ob.l.igation bonds of the County of Hawaii in the principal
amount which equals the principal amount of the loan described in
subparagraph B of Section 1 hereof actually made to the County of
Hawaii by the United Statee. of America, Farmers Home Administration;
provided that the maximum pri.nci.pal amount of bonds which may be
issued hereunder shall not exceed x500,000. Upon the receipt by the
County of Hawaii of moneys to be lent to the County by the Itnited
States of America, Farmers Home Administration, referred to in sub-
paragraph B of Section 1 hereof, general obligation bonds authorized
hereby (hereinafter referred to as the "Bonds") ipso facto :;hall be
issued, and be deemed to be issued, in the principal amount equal to
the amount of moneys so received. The Bonds shall be designated
"Public Improvements Bonds, 1977 Series A". The Bonds sha h. mature
on January 1 in each of the years set forth in the followine~ table,
with the principal amount of the Bands maturing on each such January L
to be that amount determined by multiplying the amount set north in
such table opposite the year in which the respective January 1 occurs
by the percentage obtained by dividing by $500,000 the aggregate of
the moneys actually lent to the County of Hawaii by the Unii:ed States
of America, Farmers Home Administration:
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Year Year Year
(Jan. 1) Amount (Jan. 1) Amount (Jan. 1) Amount
1980 S 6,000 1991. S 11,000 2002 :~ 18,000
1981. 7,000 1992 11,000 2003 19,000
1982 7,000 1993 12,000 2004 20,000
1983 7,000 1994 12,000 2005 21,000
1984 8,000 1995 13,000 7.006 22,000
.1985 8,000 1996 14,000 2007 23,000
1986 3,000 1997 14,000 2008 7.5,000
1987 9,000 199£1 15,000 2009 26,000
1988 9,000 1999 16,000 2010 27,000
1989 10,000 2000 17,000 2011 28,000
1990 10,000 7.001 17,000 2012 30,000
The Bonds shall bear interest from the date the same are deemed
to have been issued as determined i.n accordance with the pr.=ceding
provisions of this section to the x>ayment of the principal amount
thereof, at the rate of five per centum (5%) per annum, such interest
being payable July 1, 1977, and each January 1 and July 1 thereafter.
Principal of and interest on 1.he Bonds shall be payable at the
office of the Director of Finance i_n any coin or currency of the United
States of America which at the time of payment is legal tender for all
debts public and private.
Bonds maturing on and after January 1, 1988 shall be subject to
redemption at the option of. the County of Hawaii prior to maturity on
or after January 1, 1987, :in whole at any time, or in part from time
to time on any interest payment date in the inverse order of maturity
and by lot within a maturity, upon payment of the principal amount
thereof and interest accrued thereon to the date fixed for redemption.
Bonds of whatever maturity owned o:r insured by the United States of
America, Farmers Home Administration, if not then subject to prior
redemption. pursuant to the provisions of the preceding sentence,
shall be subject to redemption at the option of the County of Hawaii.
prior to maturity in whole at any tame, or in part from time to
time on any interest payment date in the inverse order of maturity
and by lot within a maturity, upon payment of t_he principal amount
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thereof and .interest accrued thereon to the date fixed for .redemption.
Notice of prior redemption shall be given, and such redemption shall
have the effect, as i.s set forth in the Bond redeemed.
SECTION 3. Disposition of Bonds. Fursuant to the autiorization
of the last sentence of Seca ion 47--7, Hawaii. Revised Statutes, the
Bonds shall be disposed of to the LJnited Stages of America, Farmers
Home Administration, to secure the payment of the loan referred to in
subparagraph B of Section i~ hereof made by said Administration to the
County of Hawaii under the Federal Consolidated Farm and Rural Devel-
opment Act. The Director of Finance is hereby authorized to accept
any offer to purchase the Bonds made by the ilnited States o` America,
Farmers Home Administration. The Director of Finance and tie other
officials of the County of Hawaii are hereby authorized and directed
to take whatever steps may he necessary or required (a) to parry out.
the terms and conditions oi' the aforesaid loan to the County of Hawaii
and effect the receipt of t::he proceeds thereof, and (b) to effectuate
the issuance and delivery of the Bonds to evidence such loan and the
receipt of. such moneys.
SECTION 4. Form and Execution of Single Fully Registered Bond.
The Bonds issued to the United States of Amer..ica, Farmers Home Admin-
ist:ration, pursuant to thi;; ordinance shall be in the form of a single
instrument of indebtedness evidencing al] sur_h Bonds. Such a single
instrument sha7.1 to without coupons and shall be fully registered as
to both principal and interest to the United States of America, Farmers
Home Administration, or its registered assi-gns. Such single instrument
shall be dated with the date of the first receipt by the County of
Hawaii from the United States of America, Farmers Home Administration,
of moneys lent to the County of Hawaii as more fully set forth in
subparagraph B of Section 1 hereof. Such single instrument shall be
executed as provided therein and shall be in substantially the fol-
lowing form:
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UNITED STATES OF AMERICA
STATE OF HAWAII
COUNTY OF HAWAII
PUBLIC IMPROVEMENT BONll, 1977 SERIES A
The COUNTY OF HAWAII, State of Hawaii, for value received hereby
promises to pay to the United States of America, Farmers Hone Admin-
istration, or its registered assigns (a) on January 1, .in each of the
years set forth in the following table that principal sum er~ual to the
amount determined by multipl_.~ing th.e amount set forth in such table
opposite the year in which the respective January 1 occurs by the
percentage obtained by dividing by $500,000 the aggregate as shown on
Schedule A hereto of the moneys received by the County of Hawaii as
loans from the United States of America, Farmers Home Admin~_stration,
to secure the payment of which ].oars this instrument of indebtedness
has been disposed of to the United States of America, Farmers Home
Administration:
Year Year Year
(Jan. 1) Amount (Jan. 1) Amount (Jan. 1) Amount
19[30 $ 6,000 1991 S 11,000 2002 $ 10,000
19£31 7,000 1992 11,000 2003 19,000
1982 7,000 1993 12,000 2004 20,000
198.3 7,000 1994 12,000 2005 21,000
1984 000
° 1995 13,000 2.006 22,000
1985 ,
?,000 1996 14,000 2007 23,000
1986 ',000 1997 14,000 2008 25,000
1987 9,000 1.99t' 15,000 2009 26,000
1988 9,000 1999 16,000 ?_010 27,000
1989 10,000 2000 17,000 2011 28,000
1990 10.000 200]. 17,000 2012 30,000
and (b) on July 1, 1977 anal each January 1 and July 1 thereafter
until the payment in full of the aggregate principal sum hereof,
interest at the rate of five per centum (5%) per annum, on the prin-
cipal sum hereof determined in accordance with the preceding clause
(a) from time to time unpaid. Both principal hereof and interest
hereon shall be payable at: the office of the Director of F_~nance of
the County of Hawaii in Hi.lc>, Hawaii, by check or draft pa~~able in
any coin or currency of tl'ie United States of America which at the
time of payment is legal gender. for all debta, public and private,
mailed to the registered owner hereof at its address as shown on
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the books or registry maintained b
County of Hawaii for that purpose,
render hereof except for the final
and interest hereon which shall. be
hereof to the County of Hawaii for
The principal installments of
y the Director of Finance of the
and without presentation or sur-
payment of` the principal hereof
made onl}> upon the surrender
cancellation.
this instrument maturing on or
after January 1, ].988 shall. be subject to prepayment at the option
of the County of Hawaii prior to maturity on or after January 1,
1987, in whole at any time, or in part from t;ime to time on any
interest payment date in the inverse order of` maturity of such
installments and by lot within a maturity, upon payment of the
principal amount thereof to be prepaid and the interest accrued on
such principal amount to the date i`i.xed for prepayment. If this
instrument shall then be owned or insured by the United States of
America, Farmers Home Administration, the principal instalLnents
of this instrument of whatever maturity, if not then subject to
prior prepayment pursuant i:o the pirovisions of the preceding sen-
tence, shall he subject to prepayment at the option of the ~~ounty
of Hawaii. prior to maturit~r in whore at any time, or in part from
time to time on any interest payment. date in the inverse order of
maturity of such installments and by lot. within a maturity, upon
payment of the principal amount thereof to be prepaid and the
interest accrued on such principal amount to the date fixed for
prepayment. Notice of prepayment of principal hereof shall be
mailed not less than thirty (30) days prior t;o the prepayment date,
by registered or certified mail, to the registered owner hereof at
its address as the same appears on the books of registry maintained
herefor by the Director of Finance of the County of Hawaii, or at
such address as such regis~ered owner shall have filed with the
Director of Finance for that_ purpose. Such notice shall state the
designation and date hereo`: and the maturities of installments of
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principal and the principal. amounts, thereof to he prepaid; +:hat the
interest on the principal amount hereof to be prepaid shall cease to
accrue from and after such prepayment date; and that on said date
there will become due and payable 1•~ereon the principal amount hereof
to he prepaid, together with the interest accrued thereon to the
prepayment date. If the principal installments hereof have been duly
called for prepayment and notice of the prepayment of the principal
hereof to be prepaid has been duly given as aforesaid and moneys for
the payment of the principal amount: hereof tco be prepaid upon such
prepayment and of the interest to accrue on such principal amount to
the prepayment date are held for the purpose of such paymen*_ by the
Director of Finance of the County of Hawaii, then on the prepayment
date designated in such notice the principal amount: hereof to be
prepaid shall. become due and payable and interest on the principal
amount hereof to be prepaid shall cease to accrue.
This instrument is transferable upon the books of registry
maintained herefor by the registered owner hereof in person or by
his attorney duly authorized in writing at the office of the Director
of Finance of the County of Hawaii upon the presentation and sur-
render hereof to the Director of Finance for the purpose of the
registration hereof upon the books of registry in the name of the
transferee, accompanied by delivery of a wriiaen instrument of trans-
fer duly executed by the registered owner in person or by his attorney
duly authorized in writing and in form satisfactory to the director
of Finance. Anv transferee of this instrument takes it subject to
any payments, whether of interest or princiaal (including prepay-
ments of principal) theretofore made on account of this instrument
and whether or not. the same shall. ioe set for'.h in any way on this
instrument and whether or not such transferee has knowledge of such
payments.
Upon ninety (90) days notice in writing by the registered
owner hereof to the Director of Finance of the County of Hawaii
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and the surrender hereof to the Director of Finance for cancellation
this instrument may be exchanged at: the expense of the County of
Hawaii for general obligation bonds of the Calm ty of Hawaii in bearer
form, of the same designation, in an aggregate principal Burn equal
to the principal. sum hereof' then unpaid, maturing as to principal on
the days and in the amounts as mature the then unpaid princ-ipal in-
stallments hereof and bearing interest at the rate and payable at
the times and under the term:; a:; i.s payable the interest ac~.rued
or to accrue hereon then unpaid, with such coupons to evidence such
interest to be attached to such bonds so that. no gain o.r loss of
interest shal]. result from such exchange.
This instrument is issued under and pursuant to and in full
compliance with the Constii.ution and statutes of the State of Hawaii,
including Part I of Chapter ~k7, Hawaii Revised Statutes, th~~ Charter
of the County of Hawaii, and the proceedings of the Council of said
County of Hawaii duly taken. thereunder, for public improvements of
the County of Hawaii. This instrument. is a general obligation of
the County of Hawaii, and t:he 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 Count~,~ of Hawaii. are irrevocably pledged
to the punctual payment of the principal hereof and interest hereon
according to its terms.
It is hereby certified, recited and declared that all conditions,
acts and things essential. to the validity hereof exist, haves happened
and have been done, that every requirement of law affecting the issu-
ance hereof has been duly complied with, and that the amount hereof,
tonether with al.l other indebtedness of the County of Hawaii, is not
in excess of anv statutory or constitutional limitation of indebtedness.
IN WITNESS WHEREOF, the COUNT`.C OF HP.WAII, State of Hawaii, has
caused this instrument to be signed by its Director of Fina:~rce, to
bear the lithographed facsimile signature of its Mayor, to oe sealed
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with its seal or bear a lithographed facsimile thereof, and to he
dated as of _, 1977•
Mayor
D.i.rector of Finance
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SCHEDULE A
The County of Hawaii hereby acknowledges receipt as follows
of moneys as the loan made by the United States of America, Farmers
Home Administration, to the County of Hawaii, to secure the payment
of which the within instrument has been disposed of to the United
States of America, Farmers Home Administration.:
Amount of Agc;regate
Date of Moneys Amount of
Receipt Received Receipts
Signature of
Director of Finance
of the County
of Hawaii
(Form of Assignment)
For value received hereby
sells, assigns and transfers unto the
within mentioned instrument:. and hereby irrevocably constitutes and
appoints attorney, to transfer
the same on the books of registry i.n the office of the Director of
Finance of the County of Hawaii wit=h full power of substitution in
the premises.
Dy:
Dated
Witness
Note : the signature to this assignment must correspond with
the name as written on the facc> of the within instrument in
every particular, without alteration, enlargement or any
change whatsoever.
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SECTION 5. Books of Registry' Exchange of Single Instrument
for Coupon Bonds, The Director of Finance shall maintain suitable
books of registry on which shall be entered the name and address of
the registered owner of then single instrument referred to it Section
4 hereof.
Upon ninety (901 days notice in writing by the registered owner
thereof to the Director of Finance and the surrender thereof to the
Director of Finance for cancellation, the single fully registered
instrument referred to in Section 4 hereof may be exchanged at the
expense of the County of Hawaii for Bonds in bearer form in an ag-
gregate principal sum equal to the aggregate principal sum cf such
single fully registered instrument then unpaid, maturing as to prin-
cipal. on the days and. in the amounta as mature the then unpaid in-
stallments of principal of such single fully registered instrument
and bearing interest at the rate and payable at the times as is pay-
able the interest then accnied or to accrue on such sincrle fully re-
gistered instrument. then unpaid, with such coupons to eviderce such
interest to be attached to such Bonds so that no gain or l.o=s of
interest shall result from such exchange. The Director of Finance
is hereby fully authorized to fix and determine, in a manner not
inconsistent herewith, the form, date, numbers, denominatior or
denominations, redemption provisions and other details of such
coupon Bonds and the coupons pertaining thereto and to deliver the
same' to the owner thereof upon the exchange therefor of the single
fully registered instrument. Any such coupon Bonds shall set forth
therein the provisions for the givincr of notice of the prior re-
demnti.on thereof, which provisions shall provide for not:. less than
thirty (30) days published notice of. any such redemption.
SECTION 6. Appropriations; Arbitrage Covenant. The pro-
ceeds of the money received as a loan from the United State= of
America, Farmers Hams Administration, referred to in subparagraph
B of Section 1 he.r.eof sha1:L he used and applied only for the Kulaimanc;
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Sewerage System referred to in subparagraph A of Section 1 hereof, and
shall be so used and applied only pursuant to appropriations for such
project duly made in accordance with the Charter of the County of
Hawaii and laws applicable thereto.
To the extent the issuance of general obligation bonds of the
County of Hawaii is authorized by other proceedings of this Council
to provide funds to satisfy the amounts of appropriations satisfied
from the moneys rer_eived from the United States of America, Farmers
Home Administration, upon the issuance of Bonds pursuant hereto, the
amount of general obligat.icm bonds authorized. by such other pro-
ceedings shall be correspondingly reduced.
The County of Ha~oaii hereby covenants with the holders from
time to time of the Bonds (including the holder from time to time of
the single fully registered instrument referred to in Section 4 hereo`)
that so long as any of said Bonds shall he outstanding, no use of the
proceeds of the Bonds shall. be made which would cause the Bonds to be
"arbitrage bonds" under Section 103(c) of the U. S. Interna. Revenue
Code, as amended, and that the County shall comply with any applicable
regulations adopted under said Section 103(c).
SECTION 7. Effective Date. This Ordinance shall take effect
upon its approval.
INTRGDUChD BY:
Councilman unty of Hawaii.
Date of Introduction: April 6, 1977
Date of Adoption: April 20, 1977
Effective Date April 28, 1977
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Hilo, Hawaii
Date: April 6, 1977
FIRST READING
AYES NOES A/E
Dahlberg x
Domingo x
Fujii X
Garcia x
Kawahara x
Lai x
Sameshima x
Yamashiro x
Chr. Tajiri x
8 L
Publication Date: April 10, 1977
Hilo, Hawaii
Date: April 20, 1977
SECOND & FINAL READING ~'
AYES NOES A/E
Dahlberg x
Domingo x
Fujii x
Garcia x
Kawahara X
Lai x
Sameshima x
Yamashiro X
Chr. Tajiri
-- g
8 1
Publication Date:
MAY 4 i ~,
We do hereby certify that the foregoing BILL was adopted by the County Council and published
as indicated above.
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AC Counc CFtairman
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County Clerk
Approved/CJsapgQVe~~//d-ihis,~.~ day of
~~%E~iL.w _ _ 19~~.
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Mayor, County of Hawaii /~
Bill No. ~til
Reference: C-2101PWC-7
M.B. No. -
Ord. No. 2ih0
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R. 8. Legaspl ~ ~ S~"
COUNTY CLERK •
' '~~
~._iN~
OFFICE OF THE COUNTY CLERK
COUNTY ^F HAWAII
H ILO. HAWAII 96720
Mayor Herbert T. Matayoshi
County of Hawaii
Hilo, HI
I hereby transmit Ordinance Bill No. 291
Vasuki Arakaki
DEPUTY COUNTY CLERK
Harry A. Takahashi
LEGISLATIVE AU DITOR
passed by the County Council on second final reading.
COUNTY CLE
Encl.
Dated: April 2}, 1977
Bill No. 291 - 1977
AN ORDINANCE AUTHORIZING THE ISSUANCE AND DISPOSITION OF $500,000
PUBLIC IMPROVEMENT BONDS OF THE COUNTY OF HAWAII, HAWAII, TO
FINANCE THE COUNTY°S PORTION OF THE KULAIMANO SEWERAGE SYSTEM
PROJECT, TO SECURE THE PAYMENT OF A LOAN BY THE UNITED STATES OF
AMERICA, FARMERS HOME ADMINISTRATION, AND DETERMINING THE FORM
AND DETAILS OF SUCH BONDS.
This Bill authorizes the issuance and disposition of
$500,000 public improvement bonds of the County of Hawaii, to
finance the County's portion of the Kulaimano Sewerage System
Project, to secure the payment of a loan by the United States of
America, Farmers Home Administration, and determines the form and
details of such bonds.
Date Introduced: April 6, 1977
Copies of the foregoing Bill, 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 Bill passed first
reading at the meeting of the County Council on April 6, 1977,
by the following aye and. no vote:
AYES: Councilmen Domingo, Fujii, Garcia, Kawahara, Lai,
Sameshima, Yamashiro and Chairman Tajiri - 8.
NOES: None.
ABSENT AND EXCUSED: Councilman Dahlberg - 1.
COUNTY CLE
COUNTY OF HAWAII
,,.1
ORDINANCE NO. 266
(Bill No. 291-1977)
AN ORDINANCE AUTHORIZING THE ISSUANCE AND DISPOSITION OF $500,000
PUBLIC IMPROVEMENT BONDS OF THE COUNTY OF HAWAII, HAWAII TO FINANCE
THE COUNTY'S PORTION OF THE KULAIMANO SEWERAGE SYSTEM PROJECT,
TO SECURE THE PAYMENT OF A LOAN BY THE UNITED STATES OF AMERICA,
FARMERS HOME ADMINISTRAT:CON, AND DETERMINING THE FORM AND DETAILS
OF SUCH BONDS.
Date Approved: April 20, 1977
Date Effective: April 28, 1977
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
April 20, 1977,by the following aye and no vote:
AYES: Councilmen Dahlberg, Domingo, Fujii, Garcia, Kawahara,
Lai, Sameshima and Yamashiro - 8.
NOES: None.
ABSENT AND EXCUSED: Council Chairman Tajiri - 1.
COUNTY CL ~f
COUNTY OF HAWAII