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HomeMy WebLinkAboutORD 1982-830 1980-1984• ~ BILL N0. 893 (3rd Draft) COUNTY OF HAWAII - STATE OF HAWAII ORDINANCE NO. B+~Q AN ORDINANCE AMENDING ORDINANCE NO. 482 OF THE COUNTY OF HAWAII ADOPTED ON OCTOBER 17, 1979, AS AMENDED BY ORDINANCE NO. 511 ADOPTED ON DECEMBER 19, 1979, AS AMENDED BY ORDINANCE NO. 550 ADOPTED ON MARCH 5, 1980, A5 AMENDED BY ORDINANCE NO. 562 ADOPTED ON APRIL 30, 1980, AND AS AMENDED BY ORDINANCE NO. 631 ADOPTED ON SEPTEMBER 29, 1980; AND AMENDING ORDINANCE NO. 709 ADOPTED ON AUGUST 19, 1981, RELATING TO GENERAL OBLIGATION BONDS. BE IT ORDAINED BY THE COUNCIL OF THE COUNTX OF HAWAII: SECTION 1. Section 2 of Ordinance No. 482 adopted on October 17, 1979, as amended by Ordinance No. 552 adopted on April 30, 1980, is amended to read as follows: "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 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, or ten per centum (10%) per annum should such higher rate be allowed by the State Legislature,) twelve per centum 12% 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, 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 provisions 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 -2- 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 2. Sections 10 and 11 of Ordinance No. 482, as amended, shall be re-numbered Section 11 and 12, respectively. SECTION 3. A new Section 10 to Ordinance No. 482, as amended, shall read as follows: "SECTION 10. In addition to public improvements set forth in Section 8 hereof, the [P] proceeds from the issuance and sale of [the heretofore unissued and unsold] bonds authorized [by Ordinance No. 482, as amended by Ordinance Nos. 511, 550, 562, and 631,1 hereby may be used to repay an cash borrowings from the General Fund pursuant to Resolution No. 701 adopted on November 7, 1980, Resolution No. 23-81 adopted on January 20L 1981, and Resolution No. 225-81 adopted on November 1~ 1981, the proceeds of such borrowings having heretofore been applied to pay the cost of public improvements authorized to be financed from the proceeds of bonds authorized hereby and m~ also be used to finance public improvements authorized ~ Ordinance No. 586, as amended, the capital budget ordinance for the fiscal ear ending June 3~ 1981, public improvements authorized ~ Ordinance No. 696, as amended, the capital 'budget ordinance for the fiscal year -3- ending June 3~ 1982, and public improvements authorized Ordinance No. 796, as amended, the capital budget ordinance for the fiscal year ending June 30, 1983[, in addition to the public improvements set forth in Section 8 or Ordinance No. 482, as amended]." SECTION 4. Section 1 [or] of Ordinance No. 709 is amended to read as follows: "SECTION 1. There are hereby authorized for issuance and sale general obligation bonds of the County of Hawaii in the principal amount 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, 1980 (Ordinance No. 443, as amended) [.]; and ~ in the capital budget ordinance for the fiscal year ending June 3~ 1983 (Ordinance No. 796, as amended); [and the proceeds may be used] including to repay funds borrowed from the General Fund pursuant to Resolution No. 701 adopted on November ~ 1980, Resolution No. 23-81 adopted on -4- January 2~ 1981, and Resolution No. 225-81 adopted on November 1~ 1981[."]l the proceeds of such borrowingshaving heretofore been applied to pay the cost of public improvements authorized to be financed from the proceeds of bonds authorized hereby." SECTION 5. Section 2 of Ordinance No. 709 is amended to read as follows: "SECTION 2. The general obligation bonds (herein- after 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 registra- tion 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 [ten per centum (10%l twelve per centum 12% 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 -5- 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, the series designa- tion 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 provisions 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 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 6. Material to be repealed is bracketed. New material is underscored. In printing this ordinance, the brackets, bracketed material and underscoring need not be included. -6- SECTION 7. This ordinance shall take effect upon its approval. INTRODUCED BY: COUNCIL MEMBER, COU OF HAWAII Hilo, Hawaii Date of Introduction: Date of Adoption: Effective Date: November 3., 1982 November 17, 1982 November 22, 1982 -7- .~ ~., Hilo, Hawaii Date: November 3, 1982 FIRST READING AYES NOES A/E Dahlberg X De Luz X Domingo X Fujii X Hale Kawahara X X ~_ Lai X Schutte X Ch r. Yamashiro X 8 0 1 Publication Date: NOV 1 2 1982 Hilo, Hawaii Date: November 17, 1982 SECOND & FINAL READING AYES NOES A/E Dah lberg X De Luz X Domingo X Fujii X Hale X Kawahara X Lai X Schutte X Ch r. Yamashiro X L~ 8 0 1 Publication Date: ~11OV 2~q We do hereby certify that the foregoing BILL was adopted by the County Council and published as indicated above. APP~±DV~D as to Gx ! L~^s'~LITY C .: O~-' cour.~_.' ,~.;~,~;,~u~ Dare ...... N OV_.1.8.1982_....._..._.. ouncil Ch man ©Er Co ty Clerk Bill No. 893 Reference: C-973/FC-256 M.B. No. __ Ord. No.~~ Approved/~ this yY ~ay of