Loading...
HomeMy WebLinkAboutORD 1981-709 1980-19841 BILI,~ NO. COUNTY OF HAWAII m STATE OF HAWAII ORDINANCE NO . AN ORDINANCE AUTHORIZING THE ISSUANCE OF $5,000,000 GENERAL OBLIGA-° TION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING VARIOUS PUBLIC IMPROVFI~4ENTS OF' THE COUNTY OF HA`~s'AII; FLING THE FOR.~i, DENO~'fI~IATION AND CERTAIN OTHER FEATURES OF SUCH BON3.?S, AttiD PROVIDING FOR THEIR S1~LE; AND AUTHORIZING THE ISSUANCE AND SALT OF A LIEF PRIN-~ CIPAL ?~"~i0U~3T OF GENERAL OBLIGATION BONIS ANTICIPATIO;d NOTES IN ANTICIT PATION OF THE ISSUANCE ANIS SALE OF SAILS BONDS . BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. There are hereby authorized for issuance anr~. sale general obligation bonds of the County of Hawaii. in the prim eipal mount of $5,000,000, 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, 1982 (Ordinance No. 696, as amended); (b) in the capital budget ordinance for the fiscal year ending June 30, 1981 (Ordinance No. 586, as amended); and (c) in the capital budget ordinance for the fiscal year ending June 30, 1.980 (Ordinance No. 443, 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 ti~te, 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 ~sonds of a given series shall be numbered from 1 upwards in order of z~aturity; shall mature in numerical order annually on the day in each year which is the anniversary of the data 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 ten per centum (10~) 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 pro- visions of this ordinance, 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 such prior redemption prior to the stated maturity and if subject to such prior redemption, the pro visions for such prior redemption, 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 sub ject to prior redemption, at least thirty days' notice of redemp® tion 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 ~2~ County of Hawaii and shall be sealed with the seal or a litho graphed or engraved facsimile seal of the County of Hawaii. I`he interest coupons pertaining to the Bonds shall bear the lithographed or engraved facsimile of the signature of the Director of Finance. I'he 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: UNI°~ED STAfiES OF AMERICA S°IA`I`R OF` HAWAII COUNTY OF HAWAII PUBLIC IMPROi7ENdEN'~ BOND, SERIES No. $5,000 `the County of Hawaii, State of Hawaii, for value received hereby promises to pay to bearer on the day of --- 19~ (unless this bond shall be subject to prior redemption and shall have theretofore been called for previous redemption and the payment of the redemption price duly made or provided) for the principal sum of Five `thousand Dollars ($5,000) 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 semiannually on the day of and the day of 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 --3~ 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 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 designated Public Improve ment fonds, Series 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 l9 and thereafter arc subject to redemption at the option of the County of Hawaii prior to the respective stated maturities thereof, on and after and in part from inverse order of interest accrued following redemp• principal s,mount both inclusive; _ 19 in whole at any time, time to time on any interest payment date and in maturities, at the principal amount thereof, the theron to the date fixed for redemption and the lion premiums expressed as a percentage of the redeemed: ~ if redeemed during the period 19 to 19 °s if redeemed during the period 19 to both inclusive; ~ if redeemed during the period l9 to both inclusive; and no premium if redeemed on or after 19 , 19 , l9 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 g4~ 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 redemp@ tion 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 redemp- tion 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, 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 arc 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 ~SP 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 indebted ness. 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 signa- ture 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 F~na,nce or Deputy Director of Finance of the County of Hawaii Mayor of the County ®f Hawaii ~6@ (FORM OF COUPON) No. On 19 , unless the bond hereina after mentioned shall be subject to prior redemption and shall have theretofor 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, 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 interest then due on its Public Improvement Bond, Series dated as of 19 No . .- Director of F~.nance 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. T~7ithout 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 employ Bond Counsel, paying agents, and financial consultants as he may deem advisable, ~~~ to select the date for such sale, to publish and distribute a Notice of Sale in such form and containing such terms and conditions as he miay 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, in accordance with the Notice of Sale; 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 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 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. 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. mg~ SECTION 6. All or any portion of the proceeds derived from the sale of the Honds, or any notes issued in anticipation of the Honds, shall be used to pay all or part of the cost of any appropriation for various public improvements made in Capital Hudget Ordinance Nos. 696, 586, and 443, as amended. The County of Hawaii hereby covenants with the holders from time to time of the Honds and the notes authorized herein, that so long as any Honds 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, would have caused such Honds 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) requirements 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 thereunder. SECTION 7. The Director of Finance may authorize the printing of CUSIP identification numbers upon the filing panel of the Honds. 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 Honds, or any portion thereof, shall procure insurance for the payment of the principal of and interest on such Honds and desires that a statement with respect to such insurance shall be printed upon such Honds, space shall be provided on the backs of the printed Honds for the print$ ing of such statement. The cost, if any, of the printing of any ~g~ 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 nofifying 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 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 by the original purchaser of such Bonds, (a) such insurance shall not constitute a part of the con® tract 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 preceding sentence, the County of Hawaii shall be under no obligation to take or refrain fro~i taking ®10~ any action ]ay 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 ~Y: Hilo, Hawaii Date of Introduction: Date of Adoption: Effective Date: ~\ Councilman,- Cou.r~ty_ t~f Hawaii August 5, 1981 P_ugus t 19 , 19 81 August 31, l9 ~ 1 ~11~ Hilo, Hawaii Date: August 5, 19$1 FIRST READING AYES NOES A/E Dahlberg X De Luz _ X Domingo X Fuj ii X Hale X .1 _ __ Kawahara X T ~~ Lai X Schutte X Chr. Yamashiro X 9 0 0 _ ~$ Publication Date: ~~~ , 1941 Hilo, Hawaii Date: A1~otist 19 _ 19Fi1 SECOND & FINAL READING AYES NOES A/E Dah lbe rg __.._ _.~ , _ X . _ De Luz .__ _. X _ Domingo ` X - l Fu'ii sT ~ ~ r X Hale '~ X Kawahara X Lai X Schutte X Chr. Yamashiro X 1 ~ 1 Publication Date: SEA ~ 19$1 We do hereby certify that the foregoing BILL was adopted by the County Council and published as indicated above. c ' C ai man ~~ County Clerk Bill No. 755 Reference: C°`391'FC-94 M.B. No. Ord. No. i ~~