HomeMy WebLinkAboutORD 1993-082 1992-1994COIJNTI' OF HAWAII STATE OF HAWAII
BILL NO.iin
ORDINANCE NO. 93 8ti
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $6,908,136 GENERAL OBLIGATION
BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING QUALIFIED
WASTEWATER PUBLIC IMPROVEMENTS OF THE COUNTY OF HAWAII; FIXING THE
FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND
PROVIDING FOR THEIR SALE TO THE DEPARTMENT OF HEALTH OF THE STATE OF
HAWAII TO SECURE ONE Oi: MORE LOANS BY SAID DEPARTMENT.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Findines and Determinations. It is hereby found and determined that
(i) the State of Hawaii (the "State"), in accordance with the Federal Water Quality Act of 1987,
Public Law 100-4, has established pursuant to various legislative enactments in the State Treasury
a Water Pollution Control Revolving Fund for the purpose of receiving Federal and State funds
to provide financial assistance to governmental agencies for the planning, design and construction
of treatment works owned by a governmental agency; (ii) the Department of Health of the State
(the "Department of Health") hscs agreed to fund certain wastewater treatment projects (the
"Qualified Wastewater Projects") of the County of Hawaii, State of Hawaii (the "County") with
a combination of Federal grants and State grants and loans from the State Water Pollution
Control Revolving Fund; anti (iii) the interest on such loans shall be below prevailing market
rates.
It is hereby further found and determined that (i) there has been appropriated
pursuant to capital budget Ordinance No. 93-50 passed by the Council of the County and
approved by the Mayor of tha County and with an effective date of July 1, 1993, as amended
("Ordinance No. 93-50"), among other appropriations, $6,908,136 from the sale to the Department
of Health of general obligation bonds of the County to the Qualified Wastewater Projects and for
the purposes designated in said (.irdinance No. 93-50; (ii) none of such appropriations has been
satisfied from the sale of general obligation bonds of the County nor has the County authorized
the issuance of general obligation bonds for such purpose; and (iii) there remains outstanding
pursuant to Ordinance No. 93-50, $6,908,136 of appropriation for the sale of general obligation
bonds of the County for the aforesaid purpose.
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
$6,098,136, the proceeds derived from the sale of which shall be used to pay all or part of the
cost of appropriations for the Qualified Wastewater Projects of the County to be financed from
proceeds of general obligation bonds to be sold to the Department of Health made in Ordinance
No. 93-50 for the fisca] year ending June 30, 1994, as follows:
Ordinance No. Project Amount
93-50 ~~t'aiaha Bay Sewage Pump Station $3,697,893
93-50 Alii Drive Interceptor Sewer 3.210.243
TOTAL 6 908 I 6
The proceeds derived from the saie 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. 93-50, as amended, to be financed from general obligation
bond funds.
SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in
Section 2 hereof shall be issued and sold in their entirety at one time as a sepazate series of
general obligation bonds of the County, or from time to time in series, all as shall be determined
by the Director of Finance to be in the best interest of the County. The Bonds shall be issued in
fully registered form without coc!;~ons in the denomination of $5,000 or any integral multiple of
$5,000, or in such other denominations as the Director of Finance shall determine. The Bonds
of a series shall be numbered fiom 1 upwards in chronological order of delivery or shall be
numbered in any other manner as the Director of Finance shall determine. The Bonds of a series
shall mature annually on such day in each year in substantially equal installments of principal
or in substantially equal installments of principal and interest, the first of such maturities to be
no later than five years from the date of the Bond of such series and the last of such maturities
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to be not later than twenty-fiv. years from the date of the Bonds of such series, may be
redeemable prior to the stated maturity thereof at any time at prices not exceeding 105% of the
principal amount thereof, and shrill bear interest at such rate or rates per annum, not exceeding
seven percent (7%) per annum, as shall be specified in the agreement or agreements with the
Department of Health. In accordance with and subject to the provisions of this ordinance, the
Director of Finance is hereby authorized to determine with respect to the Bonds of a series, the
aggregate principal amount of such series of bonds; the series designation of such series of
Bonds; the date of such series of Bonds; the interest payment dates and maturity dates of such
series of Bonds; the amount of principal of such series of Bonds maturing on each maturity date;
the registration privileges and place or places at which such series of Bonds may be paid or
registered which may include the office of the Director of Finance; whether or not such series
of Bonds shall be subject to reder;tption prior to the stated maturity thereof and, if subject to such
prior redemption, the times, pries, methods and other provisions for such prior redemption;
whether such series of bonds shall bear interest at fixed rates or at a rate or rates which vary
from time to time and the methodology for determining such variable rate or rates; the rights, if
any, of the holders of such Bonds of a series to tender for purchase and the price or prices and
time or times and terms and conditions upon which those rights may be exercised; the rights of
the County to purchase the Bonds of a series and price or prices and the time or times and terms
and conditions upon which those rights may be exercised and the purchase may be made; and
all other details of such series of Bonds.
SECTION 4. Redem lion of Bonds. In the event any of the Bonds shall be subject
to prior redemption and if any Bond (or portion thereof in installments which are integral
multiples of the smallest denomination thereof) is to be redeemed, notice of redemption shall be
given in such manner as the Director of Finance shall determine. If any Bond shall have been
duly called for redemption and notice of such redemption duly given in the manner determined
by the Director of Finance, and if moneys for the payment of such Bond at the then applicable
redemption price and the interest accrued on the principal amount thereof to the date of
redemption are made or duly provided for by the County, interest on such Bond shall cease to
accrue and become payable from and after the date fixed for redemption.
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SECTION 5. Pavnient of Bonds. The principal of and interest and premium, if any,
on the Bonds shall be payable 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.
SECTION 6. Execution and Form of Fullv Reeistered Bonds. The Bonds shall be
lithographed or steel engraved, shall bear the lithographed or engraved facsimile signatures of the
Director of Finance and of the A4ayor of the County and shall be sealed with the seal or a
lithographed or engraved facsimile seal of the County; provided, however, the Director of Finance
may, at his election, provide for manual signatures on the Bonds; and provided further, however,
that the Director of Finance may, at his election, provide for the Bonds to be issued in
typewritten, printed or other reproduced form and effect abook-entry system for the Bonds. The
Director of Finance may, at his election, prepare such number of blank Bonds of any series
executed and sealed as aforesaid as he shall determine and deliver such executed blank Bonds
to the registrar for such series for safekeeping prior to the time such Bonds are actually issued,
exchanged or transferred. Tlie Firector of Finance shall direct the registrar for the Bonds of a
particular series to register and authenticate such Bonds and no such Bond shall be valid or
obligatory for any purpose unless and until the certificate of authentication endorsed on such
Bond shall have been manually executed by such registrar.
The Bond shall be designated and the form of the Bonds, the registrar's certificate
of authentication and the assignment shall be substantially as follow, with such appropriate
insertions, variations and omissions as are required with respect to a particular series of the
Bonds, book-entry provisions, variable rate provisions or other provisions.
[FORM OF BOND]
"(Vignette)
LJi'?[TED STATES OF AMERICA
COUNTY OF HAWAII
STATE OF HAWAII
GENERAL OBLIGATION BOND
SERIES
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(Number)
INTEREST
RATE:
REGISTERED HOLDER:
PRINCIPAL SUM:
MATURITY
DATE:
DATE OF
BOND:
CUSIP:
DOLLARS
The COUNTY OI~ HAWAII, State of Hawaii (the "County"), for value received,
hereby promises to pay the Registered Holder (named above), or registered assigns, on the
Maturity Date (specified above) (unless this bond 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 Principal Sum (specified above), and to pay interest on such
Principal Sum semiannually on _ and on of each year, commencing
on (each scich date is hereinafter referred to as an "interest payment date"),
from the date hereof or from the interest payment date next preceding the date of registration
hereof to which interest shall blue been paid, unless such date of registration is an interest
payment date, in which case, from such interest payment date, or unless such date of registration
is within the period from the sixteenth (16th) day to the last day of the calendar month next
preceding the following interest payment date, in which case from such following interest
payment date, such interest to be ;paid until the maturity or redemption hereof at the Interest Rate
(specified above) per annum, by check mailed by the Paying Agent hereinafter mentioned to the
holder hereof in whose name this bond is registered upon the Bond Register as of the close of
business on the fifteenth (] 5th) clay (whether or not a business day) of the calendar month next
preceding each interest payment elate at his address as it appears on the Bond Register hereinafter
mentioned. The principal of and premium, if any, on this bond are payable on presentation and
surrender hereof at the office of
the Registrar and
Paying Agent, in or at the office of its successors from time to time
appointed by the County. Principal of, and premium, if any, and interest on this bond aze payable
in any coin or currency of the United States of America which, on the respective dates of
payment thereof, shall be legal tender for public and private debt.
This bond is one cf a series of bonds entitled "General Obligation Bonds,
Series "The bonds of the series of bonds of which this bond is one maturing
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and thereafter are subject to redemption at the option of the County
prior to the respective stated maturities thereof, on and after , in whole
and in part at any time and in any order of maturity selected by the County, at the principal
amount thereof, the interest accreted thereon to the date fixed for redemption and the following
redemption premiums expressed as a percentage of the principal amount redeemed: [Redemption
Provisions]. If less than all of 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 portion of the principal sum hereof to be redeemed, the date fixed for such
redemption and the premium payable upon such redemption, shall be mailed, at least once not
less than thirty (30) days prior to the date fixed for the redemption hereof, to the holder hereof
in whose name this bond is registered upon the Bond Register as of the close of business on the
forty-fifth (45th) day (whether or not a business day) next preceding the date fixed for the
redemption hereof. The failure of the registered holder hereof to receive such notice by mail or
any defect in such notice shall not affect the sufficiency of the proceedings for the redemption
of this bond. The county may, at its sole election, in addition to the giving of notice of such
redemption by mail, give such notice by publication not less than thirty (30) days prior to the
date fixed for the redemption hereof of one such notice in The Bond Buyer, a financial paper
published in the City of New Yot k, New York or, in lieu of such publication in The Bond Buyer,
by publication thereof in some other financial paper published in any of the cities of New York,
New York, Chicago, Illinois, or San Francisco, California. If this bond be of a denomination in
excess of $ _ portions of the principal sum hereof in installments of
or any integral multiple thereof may be redeemed, and if less than all of the
principal sum hereof is to be redeemed, in such case upon the surrender of this bond to the
Registraz there shall be issued to the registered holder hereof, without chazge therefor, for the
then unredeemed balance of the Irincipal sum hereof, bonds of like series, maturity and interest
rate in any of the authorized denominations provided by the proceedings of the County
authorizing the issuance of the series of bonds of which this bond is one. If this bond (or any
portion of the principal sum hereof) be redeemable and shall have been duly called for
redemption and notice of such redemption duly given as aforesaid, and if on or before the date
fixed for such redemption payment of the principal sum hereof to be redeemed, the premium
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payable upon such redemption and the interest accrued on the principal sum to be redeemed to
the date fixed for such redemption shall have been duly made or provided for, then this bond (or
the portion of the principal sum hereof to be redeemed) shall become due and payable upon such
date Fixed for redemption and interest shall cease to accrue and become payable from and after
the date fixed for such redemption on the principal sum hereof to be redeemed.
This bond is transferable only upon the Bond Register at the office
of ,Registrar, in the City of , or at the
office of its successors from time to time appointed by the County, by the registered holder
hereof, or by his duly authorized attorney, upon surrender of this bond (together with a written
instrument of transfer satisfactory in form to the Registrar duly executed by the registered holder
or his duly authorized attorney, which may be the form endorsed hereon) and subject to the
limitations and upon payment of the charges, if any, provided from time to time by the County
and the Registrar, and thereupon a ne~v bond or bonds, in the same aggregate principal amount
in authorized denominations and of the same series, interest rate and maturity as the bond
surrendered, shall be delivered to the transferee in exchange thereof. The County, the Registrar,
and the Paying Agent may deerr: and treat the person in whose name this bond is registered as
the absolute owner hereof for the purpose of receiving payment of the principal hereof, premium,
if any, and interest due hereon and for all other purposes, and they shall not be affected by any
notice to the contrary.
This bond is one of a series of bonds authorized by the Council of the County to
be issued to provide funds for all or parts of appropriations for public improvements. 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 laws of the State of Hawaii, including Part I of Chapter 47, Hawaii Revised
Statutes, as amended, the Charter of the County, and proceedings of the aforesaid Council duly
taken thereunder. This bond is a general obligation of the County, and the payment of the
principal and interest hereof is a first charge on the general fund of the County. The full faith and
credit of the County are irrevocably pledged to the punctual payment of the principal of and
interest on this bond according to its terms.
This bond shall not be valid or obligatory for any purpose unless the certificate
of authentication hereon has beer duly executed by the Registrar.
It is hereby certified and recited that all the conditions, acts, and things essential
to the validity of this bond and the issue of which it forms a part exist, have happened, and have
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been done; that every requirement of law affecting the issue thereof has been duly complied with;
and that the amount of this bond, together with all other indebtedness of the County, is not in
excess of any constitutional or statutory limitation on indebtedness.
IN WITNESS WHEREOF, the COUNTY OF HAWAII, State of Hawaii has
caused this bond to be signed by the lithographed facsimile of the signatures of its Director of
Finance and of its Mayor, and to be sealed with the lithographed facsimile of the seal of the
County of Hawaii, and this bond to be dated as of the day of 19_
[FACSIMILE SIGNATURE]
Director of Finance
[SEAL]
[FACSIMILE SIGNATURE]
Mayor"
[FORM OF CERTIFICATE OF AUTHENTICATION]
"CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the ~eithin-mentioned proceedings of the County of Hawaii,
State of Hawaii.
Date of Registration:
Registraz
By (MANUAL SIGNATURE]
Authorized Officer or Signatory"
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[FORM OF INSTRUMENT OF ASSIGNMENT]
"INSTRUMENT OF ASSIGNMENT
For value reccivcd, the undersigned hereby sells, assigns and transfers unto
Please insert social
security or other tax
identifying number of
assignee:
(name and address of assignee)
the within-mentioned bond and hereby irrevocably constitutes and
appoints ,attorney-in-fact, to transfer the same on the Bond Register
in the office of the w ithin-mentioncd Registrar, or in the office of its successors with
full power of substitution in the premises.
Signature Guaranteed:
(name of assignor)
(name of signature guarantor)
NOTE: The signature to this assigmnent must correspond with [he name as written on the face of [he
within bond in every particular, without alteration or enlargement of any change whatsoever."
SECTION 7. Sale of Bonds. 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, in
one or more series, at negotiated sale to the Department of Health in accordance with Section
47-8, Hawaii Revised Statutes, :.s amended, at such price or prices and upon such terms and
conditions as he shall approve and determine to be in the best interest of the County. 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 retain bond counsel, paying agents,
registrars and financial and accounting consultants, upon such terms and conditions as he shall
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deem advisable and in the best interest of the County, and to select the date for such sale, and
to enter into one or more loan agreements or contracts with the Department of Health for the sale
of the Bonds or portions thereof, in each case in such form and containing such terms and
conditions as he shall approve and deem advisable. Subject to the provisions of Section 3 hereof,
without further action of this Council, the Bonds shall bear interest at the rates per annum as
specified in the agreement or agreements with the Department of Health approved by the Director
of Finance. The Director of Finance and all officials of the County are hereby authorized to take
such action and execute such order, receipts and other documents as may be necessary in order
to effectuate the sale of the Bonds or any portion thereof, and, if any agreement or contract
therefor be approved, the preparation execution, and delivery thereof, in accordance with the
provisions hereof and applicable law.
Subsequent to the sale of any of the Bonds, the Director of Finance shall report
the results of such sale to the Council by letter.
From and after the date the Director of Finance shall have entered into any
agreement with the Department of Health for the sale and purchase of the Bonds of a series, the
Council will take no action to modify, supplement, amend or repeal the provisions of this
ordinance in a manner which would have an adverse effect on the ability of the County to
perform its obligations under any such agreement.
SECTION 8. Securi for the Bonds. The full faith and credit of the County is
hereby pledged to the payment of the principal of and interest on the Bonds, and the principal
and interest payments shall be a `first charge on the General Fund of the County.
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SECTION 9. CUSIP Identification Numbers. The Director of Finance may
authorize the printing of CUSIP identification numbers upon the Bonds. Such number and the
printing thereof shall be subject in all respects to the provision of Section 47-10, Hawaii Revised
Statutes, as amended.
SECTION 10. Repeal of Conflicts. All ordinances and resolutions, and any
portions of ordinances and resolutions, heretofore enacted or adopted by the Council which are
in conflict or inconsistent with aey provision of this ordinance shall be and are hereby repealed
to the extent of such conflict or inconsistency.
SECTION 11. Effective Date. This ordinance shall take effect upon its approval.
INTRODUCED BY:
HAWAII
Hilo, Hawaii
Date of Introduction July 28, 1993
Date of 1st Reading July 28, 1993
Date of 2nd Reading August 11, 1993
Effective Date: August 19, 1993
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