HomeMy WebLinkAboutORD 1977-271 1976-1980BILL N0. 296
COUNTY OF HAWAII - STATE OF HAWAII
ORDINANCE NO. 2'71
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $7,000,000 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 OBLI-
GATION BOND ANTICIPATION NOTES IN ANTICIPATION 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 prior to the end of the fiscal year ending June 30,
1978, (i) general obligation bonds of the County of Hawaii in
the principal amount of $3,000,000, 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,
1972 (Ordinance No. 409, as amended); (b) in the capital budget
ordinance for the fiscal year ending June 30, 1973 (Ordinance
No. 475, as amended); (c) in the capital budget ordinance for the
fiscal year ending June 30, 1974 (Ordinance No. 586, as amended);
(d) in the capital budget ordinance for the fiscal year ending
June 30, 1975 (Ordinance No. 46, as amended); (e) in the capital
budget ordinance for the fiscal year ending June 30, 1976
(Ordinance No. 128, as amended); and (f) in the capital budget
ordinance for the fiscal bear ending June 30, 1977 (Ordinance No.
211, as amended); (ii) general obligation bonds of the County of
Hawaii in the principal amount of $2,000,000, the proceeds derived
from the sale of which shall be used to pay all or part of the
cost of acquiring and constructing improvements and betterments
to and extensions of the properties of the waterworks operated by
the Department of Water Supply of the County of Hawaii, including
the acquisition of necessary lands therefor; and (iii) the general
obligation bonds of the County of Hawaii in the principal amount
of $2,000,000 heretofore authorized by Ordinance No. 139 of the
County of Hawaii, as amended, the proceeds derived from the sale
of which shall be used to retire at or prior to maturity a like
principal amount of general obligation bond anticipation notes of
the County of Hawaii heretofore issued and sold in anticipation
of the issuance of said bonds.
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
determined by the Director of Finance. All such Bonds shall be
issued in bearer form with coupons attached and without privilege
of registration 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 numerial 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 semiannually thereafter.
The Director of Finance is hereby authorized to determine, in
accordance with and subject to the provisions of this ordinance,
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the series designation of the Bonds; the date or dates of the
Bonds; the interest payment dates thereof; the maturity dates
thereof; the amount o£ 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 redemption prior to the stated maturity and if subject
to such prior redemption, the provisions for such prior redemp-
tion, the premiums (if any) payable upon such redemption and the
respective periods in which such premiums are payable. In the
event any of the Bonds shall be subject to prior redemption, at
least thirty days' 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
lithographed or engraved facsimile signature of the Mayor of the
County of Hawaii and shall be sealed with the seal or a litho-
graphed or engraved facsimile seal. of the County of Hawaii. The
interest coupons pertaining to they Bonds shall bear the litho-
graphed or engraved facsimile of t;he 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 required 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 received
hereby promises to pay to bearer i~he sum of Five Thousand Dollars
($5,000) on the day of
19_~ upon presentation
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and surrender of this bond, and to pay interest on said sum from
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. Both the principal of and interest on this bond are
payable 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, or at the principal office of the
in the City of San Francisco, California, or at the principal of-
fice of the in Hawaii, 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 res-
pective stated maturities thereof, on and after ,
19_, in whole at any time, and iri 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 during the period
19_, to ,
19_, both inclusive: % if redeemed during the period
19_, to _ 19_, both inclusive;
if redeemed during the period 19_, to
19_, both inclusive; and no premium if redeemed
on or after 19_ If less than all the bonds of
any maturity are called for redemption, the bonds of such matu-
rity to be redeemed shall be selected by lot. In the event this
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bond is redeemable, as aforesaid, and shall be called £or redemp-
tion, 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 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 payment 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 o:E the County of Hawaii, and
proceedings of the aforesaid Council duly taken thereunder. This
bond is a general obligation of the County of Hawaii, the interest
and principal payments of which shall be 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
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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 a££ecting 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 of 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 en-
graved 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 Hawaii
No.
(FORM OF COUPON)
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
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in the City of New York, New York, or at the
principal office of the
in the City of San
Francisco, California, or at the principal office of
in Hawaii, 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 in-
terest then due on its Public Improvement Bond, Series
dated as of _, 19_, 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 at one time, or from time to time in
series, prior to the end of the fiscal year ending June 30, 1978.
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 sale,
to publish and distribute a Notice of Sale in such form and con-
taining 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
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 all 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
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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 or any
portion thereof, and, if any bid therefor be accepted, the prep-
aration, execution, and delivery thereof, in accordance with the
provisions hereof and applicable l.aw.
SECTION S. 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. Notwithstanding the limita-
tion contained in Section 4 hereof, Bonds in anticipation of which
bond anticipation notes are issued pursuant to this section may
be issued and sold in accordance with the provisions of this
ordinance at any time within five years of the date of issuance
of the first notes issued in anticipation of such Bonds.
SECTION 6. $3,000,000 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. 409, 475, 586, 46, 128 and 211, 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.
$2,000,000 of the proceeds derived from the sale of
the Bonds, or any notes issued in anticipation of the Bonds,
shall be used to retire at or prior to maturity a like principal
amount of general obligation bond anticipation notes heretofore
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issued pursuant to Ordinance No. 139 of the County of Hawaii,
as amended, the proceeds of which notes has been or is being
applied to the purposes for which the bonds in anticipation of
which said notes were issued were authorized.
$2,000,000 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 acquiring and
constructing improvements and betterments to and extensions of
the properties of the waterworks operated by the Department of
Water Supply of the County of Hawaii, including the acquisition
of necessary land therefor. The waterworks of the County of
Hawaii is a public undertaking from which revenues are derived.
The general fund of the County of Hawaii shall be reimbursed
from the revenues of the waterworks for all of the principal of
and interest on $2,000,000 principal amount of the Bonds. Such
reimbursement to the general fund of the County of Hawaii shall
be made at least annually from the revenues of the waterworks
of the County of Hawaii remaining after the costs of operation,
maintenance and repair of said waterworks and the required pay-
ments of the principal of and interest on all revenue bonds, if
any, issued therefor have been made. The Water Commission of
the County of Hawaii is hereby authorized and directed to impose
and maintain such rates, rentals, fees and charges for the use
and services of said waterworks so as to produce revenue of said
waterworks at least sufficient, after said costs of operation,
maintenance and repair and said required payments on all said
revenue bonds have been made, to permit the payment into the
general fund of the amounts required for such reimbursement as
aforesaid.
The County of Hawaii 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, no use
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of the proceeds thereof shall be made which, if such use had been
reasonably expected on the date of issue thereof, would have
caused such Bonds or notes to be "arbitrage bonds", as defined
in subsection (c) (2) of Section 103 of the U.S. Internal Revenue
Code of 1954, subject to treatment under subsection (c) (1) of
said Section 103, and to that end the County shall comply with
the applicable regulations of the Internal Revenue Service adopted
under subsection (c) of Section 103 of the U.S. Internal Revenue
Code of 1954.
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 respects 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 statement 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
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the orginal purchaser of such Bonds extending the date of delivery
of and payment for such Bonds. Neither the failure by the orig-
inal 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 fail-
ure or refusal by the original purchaser of the Bonds to accept
delivery of and pay £or such Bonds. If any such insurance on the
Bonds shall be obtained 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 of agent thereof in any way
by reason of any such insurance, including, without limiting the
foregoing, with respect to the procuring, maintenance, enforce-
ment or collection thereof. Without limiting the effect of the
provisions of the next preceding 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 insurance or any of the
provisions thereof, even though the taking, or refraining from
taking, of such action may result in or be cause for cancellation
or cessation of such insurance.
SECTION 8. This Ordinance shall take effect upon its
approval.
INTRODUCED BY:
1~.,
Councilman, County of Hawaii
Date of Introduction: April 20, 1977
Date of Adoption: May 4, 1977
Effective Date: May 18, 1977
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Hilo, Hawaii
Date: April 20, 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 1
Publication Date,
p1,`'ii r. `l I'J~l
Hilo, E3awaii
Date: MaV 4, 1977
SECOND 6 FINAL READING
AYES NOES A/E
Dahlberg x
Domingo x
Fulii }{
Garcia x
Kawahara x
Lai x
Sameshima x
Yamashiro x
Chr. Tajiri g
9
Publication Date:
May 22, 1977
We do hereby certify that the foregoing BILL was adopted by the County Council and published
as indicated above.
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Council Char n
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County Clerk
Approved/}7~7wd this /n _~~ ~ day of
-(/~/_///~ J
Mayor, County of Hawaii
Bill No. 29E
Reference: __ C-242/FC-7
M.B. No. __.
Ord. No.
R. B. Legaspi
COUNTY CLERK
OFFICE ^F THE COUNTY CLERK
COUNTY ^F HAWAII
HILO, MAWAIt 96'72^
Mayor Herbert T. Matayoshi
County of Hawaii
Hilo, HI
r
I hereby transmit Ordinance Bill No. 296
Yasuki Arakaki
DEPUTYCOUNTY CLERK
Harry A. Takahashi
LEGISLATIVE AUDITOR
passed by the County Council on second. final reading.
COUNTY CLE.
Encl.
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Dated: h"QY 6 1977
Bill No. 296 - 1977
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $7,000,000 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.
This Bill authorizes the issuance of $7,000,000 General
Obligation Bonds of the County of Hawaii for the purpose of
financing various public improvements of the County of Hawaii;
fixes the form, denomination and certain other features of
such Bonds, and provides for their sale; and authorizes 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 Introduced: April 20, 1.977
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 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 CLERK
COUNTY OF HAWAII
ORDINANCE N0. 271
(Bill No. 296-1977)
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $7,OOO,p00 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: May 4, 1977
Date Effective: May 18, 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
May 4, 1977, by the following aye and no vote:
AYES: Councilmen Dahlberg, Domingo, Fujii, Garcia,
Kawahara, Lai, Sameshima, Yamashiro and
Chairman Tajiri - 9.
NOES: None.
COUNTY CLEd2K
COUNTY' OF HAWP,II