HomeMy WebLinkAboutORD 1980-511 1976-1980BILL NO. 551
(Amended)
COUNTY OF HAWAII - S'.CATE OF HAWAII
ORDINANCE NO. ~~~
AN ORDINANCE AMENDING ORDINANCE NO. 482 OF THE COUNTY OF HAWAII
ADOPTED ON OCTOBER 17, 1979, TO PROVIIJE AN INCREASE IN THE PRINCIPAL
AMOUNT OF GENERAL OBLIGATION BONDS AU'.CHORIZED BY SAID ORDINANCE
N0. 482, TO EXPAND THE APPLICATION OF THE PROCEEDS OF SAID BONDS, AND
TO AUTHORIZE THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF
GENERAL OBLIGATION BOND ANT ICIP.ATION NOTES IN ANTICIPATION OF THE
ISSUANCE AND SALE OF SAID BONDS.
BE IT ORDAINED BY THI; COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. The title to Ordinance No. 482 of the County of
Hawaii adopted on October 17, 1979, and which became effective on
October 25, 1979, ("Ordinance No. 482"') is hereby amended by deleting
$5,500,000 where it appears in said title and inserting in lieu
thereof $7,500,000 so that the title shall read as follows:
"AN ORDINANCE AUTHORIZING THE ISSUANCE OF $7,500,000
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 AMOUNT OF
GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION
OF THE ISSUANCES AND SALE OF SAID BONDS."
SECTION 2. Section 1 of Ordinance No. 482 is amended by
deleting $5,500,000 where it appears .in said section and inserting
in lieu thereof $7,500,000, so that s+sid section reads in its
entirety as follovas:
"SECTION 1. There are hereby authorized for issuance
and sale general obligation bonds of the County of Hawaii in
the principal amount of $7,500,000, the proceeds derived from
the sale of which shall be used to finance the various public
improvements authorized herein."
SECTION 3. A new section shall :be added to Ordinance No. 482
and shall be numbered Section 5. The new Section 5 shall read as
follows:
"SECTION 5. General Obligation bond anticipation notes
are hereby authorized for issuance and sale by the Director
of Finance in increments not to exceed $1,000,000 each, in
anticipation of the issuance and sale of the general obligation
bonds authorized in Sections 8 & 9 herein. The issuance and
details of the notes shall be governed by the provisions of
Section 47-2.2, Hawaii Revised Statutes, as amended, Bonds
in anticipation of which bond anticipation notes are issued
pursuant to this section be issued and. sold in accordance
with the provisions of this ordinance at any time within two
years of the date of issuance of the first notes issued in
anticipation of such Bonds."
SECTION 4. Section 5 of Ordinance No. 482 is replaced in its
entirety by the following and re-numbered as Section 6:
"SECTION 6. All or any portion of the proceeds derived
from the sale of the Bonds, or any notes issued in anticipation
of said Bonds, shall be expended :in accordance with Section 7
of Ordinance No. 482, as amended herein, provided that the
proceeds or any portion thereof skull not be used so as to
exceed as to any project authorized herein 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 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 of the proceeds thereof shall be made which, if such use
had been reasonably expected on the date of issue thereof,
- 2 -
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) require-
ments of Section 103 (c) of the U. S. Internal Revenue Code
of 1954, as amended, and the applicable regulations of the
Internal Revenue Service adopted ther.eunder."
SECTION 5. Section 6 of Ordinance No. 482 shall be re-numbered
as Section 7.
SECTION 6. Section 7 of Ordinance No. 482 is replaced in its
entirety by the following and re-numbered as Section 8:
°'SECTION 8. The proceeds from the issuance and sale
of General Obligation Bonds of the County of Hawaii or any
notes in anticipation of the Bonds in the principal amount
of $7,500,000 shall be used for the sole purpose of financing
those public improvements authorized and set forth in this
section in accordance with their listed priority.
(1) b4aiakea Flood Control
(Ord. 443, FY 19'79-80)
Waiakea Flood Control
(Ord. 586, FY 19'73-74)
(2) Waimea Road Improvements
(Ord. 443, FY 19'79-80)
(3) Hamakua Road and Drainage Improvements
(Ord. 446, FY 1978-79)
(4) Honokaa Municipal. Parking Lot
(Ord. 446, FY 1978-79)
(5) Mamalahoa Highway Improvement, Honalo
to Kainaliu (Ord. 443, FY 1979-80)
(6) Hualalai Road Improvement
(Ord. 443, FY 1979-80)
(7) Haili Street Improvement
(Ord. 443, FY 19 i9-80)
(8) Kalapana Spur Road
(Ord. 443, FY 1979-80)
$ 800,000
200,000
350,000
240,000
150,000
200,000
200,000
300,000
70,000
- 3 -
(9) Geothermal & Related Industrial
Development (Ord. 360, FY 1978-79)
(a) Pahoa-Pohoiki Road Improvement 600 000
(10) Kainaliu Parking Lot Restroom 70
000
(Ord. 443, FY ].979-80) ,
(11) Pahoa Park (Ord. 443, F'Y 1979-80) 100,000
(12) Hoolulu Multi-F~urpose Complex 100
000
(Hilo Civic Auditorium Improvements - ,
Plans and Construction)
(Ord. 360, FY 1978-79)
(13) Hilo Civic Auditorium Electrical 20
000
Improvement (Ord. 443, FY 1979-80) ,
(14) Old Carlsmith Property Park Restroom 25
000
(Ord. 443, FY 1979-80) ,
(15) Kohala Fire Station Shed 20
000
(Ord. 443, FY 1979-80) ,
(16) Ka'u Fire Station 150
000
(Ord. 443, FY 1979-80) ,
(17) Kailua Police Station 350
000
(Ord. 443, FY 1079-80) ,
(18) Kailua Village ]:mprovement
(Ord. 360, FY 1978-79)
(a) Kuakini Highway Corridor
Improvement.
(b) H
l 525,000
ua
alai Road Signalization 75
000
(c) Kailua-Kealakehe Sewerage ,
100 000
(d) Kailua Parking Lot 210,000
(19) Kaumana Park (Ord. 403, FY 1979-80) 145,000
(20) Leleiwi Park Improvements 25
000
(Ord. 468, FY 1979-80) ,
(21) Kukuihaele Park improvements 40 000
(Ord. 468, FY 1979-80) '
(22) Improvements to Hilo Streets 150
000
(Ord. 289, FY 19'77-78) ,
(23) Hoolulu Multi-Purpose Facility 185 000
(Ord. 360, FY 19'I8-79) '
(24) Laupahoehoe Poini= Access Road 100
000
Improvements (Orci. 480, FY 1979-80) ,
(25) South Kohala Water Development 2 000 000
(Ord. 406, FY 1978-79) '
$7,500,000
- 4-
SECTION 7. Section 8 of Ordinance No. 482 shall be re-numbered
as Section 9.
SECTION 8. Section 9 of Ordinance No. 482 shall be re-numbered
as Section 10.
SECTION 9. Section 10 of Ordinance No. 482 shall be re-numbered
as Section 11.
SECTION 10. This ordinance shall take effect upon its approval.
INTRODUCED BY:
G
Counc lman o of Hawaii
Date of Introduction:
Date o£ Adoption:
Effective Date:
December 4, 1979
December 19, 1979
January 7, 1980
-5-
Hilo, Hawaii
hwo. ...L.,~ n ~ n-~n
- _.... _.3-r_~
FIttST RFADIN6 --y
AYES NOES A/E
Dahlberg X
Domingo X
FuJii X
Garcia ?X
Kawahara X
Laf X
Sameshima X
Tajlri ++
I
X
Chr. Yamashiro X
9 0 0
December 7, ]_979
Fub!iaation Date: _--- -
Hilo, Hawaii
n,.m. n.. ,......h.,,- 7 0 ~ 070
SECOND fr. FIFJA6 RFADFF3G
AYES NOES A/E
Dahlberg X
Domingo X
Fujil X
Garcia X
Kawahara X
Lai X
Sameshima
Tajiri ---
Chr. Yamashlro X
X
X
-~-
Publication Date
VJe do hereby certify that the foregoing FlIL! wes adopted by the Counfy Counci! and published
as indicused obove.
0.~„ar
- c a e
.d+~
Ucic -.
--_
~~
Council Chairman
///~~/,,,~~~~~~ ~~~~~~~~ ~ z ~~ -
County Clerk
i
~: a _t~79 .... _ _'
[Sill No.__ 551__(_AMENDED~
FC-266_____,___
M.E.. No...-------- -------
-- -
Ord. Plo..-----_ .,1~.9. -___._ _ _
//y ~~
Approved/-t6is__-!--------dny of