HomeMy WebLinkAboutORD 1993-075 1992-1994COUNTY OF HAWAII STATE OF HAWAII
BILL NO. 9~
ORDINANCE NO. 93 75
AN ORDINANCE AMENDING ORDINANCE N0. 93-43 OF THE COUNTY OF HAWAII
ADOPTED ON May 5, 1993, RELATING TO THE ISSUANCE OF GENERAL
OBLIGATION BONDS.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Section 1 of Ordinance No. 93-43, adopted on May 5,
1993 is amended as follows:
"SECTION 1. Findings and Determinations. It is hereby found
and determined that (i) appropriations for public improvement
projects of the County of Hawaii, Hawaii to be financed from general
obligation bond funds have been made in Ordinance No. 90-75, as
amended, Ordinance No. 91-51, as amended, [and] Ordinance No. 92-74,
as amended, and Ordinance No. 93-50; as amended, for the fiscal
years ending June 30, 1991, June 30, 1992, [and] June 30, 1993, and
June 30, 1994, respectively; and (ii) the Department of Water Supply
of the County has requested the County Council to authorize the
issuance and sale of general obligation bonds of the County in the
principal amount of X10,000,000, the proceeds derived from the sale
of which are to be expended by the Department of Water Supply for
the purpose of constructing and acquiring improvements and
betterments to, and extensions of, the properties of the Water
System of the Department of Water Supply, including the acquisition
of lands therefor. It is hereby further found and determined that
it is advisable and in the best interest of the County to authorize
the issuance and sale of general obligation bonds of the County in
the maximum principal amount of $30,000,000, the proceeds derived
from the sale of which shall be used as follows: (a) not more than
$20,000,000.00 shall be used to pay all or a part of the costs of
appropriations referred to in clause (i) above and to pay all or a
part of the costs of issuance of such bonds; and (h) $10,000,000
shall be used for the purpose referred to in clause (ii) above."
SECTION 2. Section 2 of Ordinance No, 93-43 is amended as
follows:
"SECTION 2. Authorization of Bonds. There are hereby
authorized for issuance and sale general obligation bonds of the
County (the "Bonds") in the maximum principal amount of $30,000,000,
the proceeds derived from the sale of which shall be used as
follows: (a) not more than $20,000,000, shall be used: (x) to pay
all or a part of the costs of appropriations for public improvement
projects of the County to be financed from general obligation bond
funds made in Ordinance No. 90-75, as amended, Ordinance No. 91-51,
as amended, [and] Ordinance No. 92-74, as amended, and Ordinance
No. 93-50, as amended, for the fiscal years ending June 30, 1991,
June 30, 1992, [and] June 30, 1993, and June 30, 1994, respectively;
and (y) to pay all or part of the costs of issuance of the Bonds,
including, without limitation, the initial fees of paying agents and
registrars, the fees of any financial consultants and bond counsel,
underwriter's discount, the cost of preparation of any official
statement, notice of sale and definitive bonds, and any cost of
publications required by law; and (b) $10,000,000, in accordance
with the request of the Department of Water Supply of the County to
the County Council to authorize the issuance and sale of general
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obligation bonds of the County, shall be expended by the Department
of Water Supply for the purpose of constructing and acquiring
improvements and betterments to, and extensions of, the properties
of the Water System of the Department of Water supply, including the
acquisition of lands therefor. The cost of issuance of the Bonds
shall be allocated pro rata to each of the particular improvements
financed from the proceeds of the Bonds; and appropriations therefor
are hereby made. The Department Water Supply shall reimburse the
County for costs of issuance of the Bonds which are allocable to the
Water System improvements financed from the proceeds of the Bonds.
The proceeds derived from the sale of the Bonds may be used to
reimburse the General Fund for funds theretofore borrowed pursuant
to resolutions of the County Council to pay costs of certain
appropriations made in Ordinance No. 90-75, as amended, Ordinance
No. 91-51, as amended, [and] Ordinance No. 92-74, as amended, and
Ordinance No. 93-50, as amended, to be financed from general
obligation bond funds."
SECTIODI 3. Material to be deleted is bracketed. New material
is underscored. In printing this ordinance, the brackets, bracketed
material, and underscoring need not be included.
SECTION 4. This ordinance shall take effect upon its approval.
R D B
~ UNCIL MEMBER, COUNTY OF HAWAII
Hilo, Hawaii
Date of Introduction: July 14, 1993
Date of 1st Reading: July 14, 1993
Date of 2nd Reading: July 28, 1993
Effec tive Date: August 5, 1993
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