HomeMy WebLinkAboutORD 1994-096 1992-1994~.
COUNTY OF HAWALh ~ . ~,TATE OF HAWAII
BILL NO. gun
ORDINANCE NO. 9~ 96
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $3,780,000 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 OR MORE LOANS BY SAID
DEPARTMENT .
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Findings 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") has 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; and
(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. 94-70
passed by the Council of the County and approved by the Mayor of the
County and with an effective date of July 1, 1994, as amended
("Ordinance No. 94-70"), among other appropriations, $3,780,000 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 Ordinance No. 94-70; (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. 94-70,
$3,780,000 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 $3,780,000, 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. 94-70
for the fiscal year ending June 30, 1995, as follows:
Ord. No. Proiect Amount
94-70 Alii Drive Interceptor Sewer, Parts "C" & "D" $3,780,000
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. 94-70, 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 separate 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 coupons in the denomination of $5,000 or any integral
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multiple of $5,000, or in such denominations as the Director of
Finance shall determine. The Bonds of a series shall be numbered
from 1 upwards in chronological order of delivery or shall be
numbered in any other manner as the Director of Finance shall
determine. The Bonds of a series shall mature annually on such day
in each year in substantially equal installments of principal or in
substantially equal installments of principal and interest, the
first of such maturities to be no later than five years from the
date of the Bond of such series and the last of such maturities to
be not later than twenty-five years from the date of the Bonds of
such series, may be redeemable prior to the stated maturity thereof
at any time at prices not exceeding 105$ of the principal amount
thereof, and shall 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 redemption prior to the stated maturity thereof and, if
subject to such prior redemption, the times, prices, methods and
other provisions for such prior redemption; whether such series of
bonds shall bear interest at fined 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
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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. Redemption 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 Hond 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.
SECTION 5. Pavment 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 Registered 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 Mayor 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 a book-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
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registrar for such series for safekeeping prior to the time such
Bonds are actually issued, exchanged or transferred. The Director
of Finance shall direct the registrar for the Bonds of a particular
series to register and authenticate such Honds 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 Honds, the
registrar's certificate of authentication and the assignment shall
be substantially as follows, 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)
UNITED STATES OF AMERICA
COUNTY OF HAWAII
STATE OF HAWAII
GENERAL OBLIGATION BOND
SERIES
(Number)
INTEREST MATURITY DATE OF
RATE• DATE• BOND• IP•
REGISTERED HOLDER:
PRINCIPAL SUM:
DOLLARS
The COUNTY OF 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
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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 such date is
hereinafter referred to as an "interest payment date"), from the
date hereof or from the interest payment date nett preceding the
date of registration hereof to which interest shall have 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 neat 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 fifteen (15th) day
(whether or not a business day) of the calendar month neat preceding
each interest payment date 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 are 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 of a series of bonds entitled "General
Obligation Bonds, Series The bonds of the series of
bonds of which this bond is one maturing ,
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 accrued thereon to the date fined for
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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 fined 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) neat 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 York, New York, or, in lieu of such publication in
the 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 Registrar there shall be issued to the
registered holder hereof, without charge therefor, for the then
unredeemed balance of the principal 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
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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
fiaed for such redemption payment of the principal sum hereof to be
redeemed, the premium payable upon such redemption and the interest
accrued on the principal sum to be redeemed to the date fiaed 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 fiaed for redemption and
interest shall cease to accrue and become payable from and after the
date fined 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 its
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 new 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 deem 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
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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 an 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 been 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 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"
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(FORM OF CERTIFICATE OF AUTHENTICATION]
"CERTIFICATE OF
This bond is one of the bonds described in the within-mentioned proceedings of the
County of Hawaii, State of Hawaii.
Date of Registration:
Registrar
By: [MANUAL SIGNATURE]
Authorized Officer or Signatory"
[FORM OF INSTRUMENT OF ASSIGNMENT]
"INSTRUMENT OF ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
Please insert social
security or other taa
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 Hond Register in the office of the
within-mentioned Registrar, or in the office of its successors with full
power of substitution in the premises.
Date:
Signature Guaranteed:
(name of assignor)
(name of signature guarantor)
NOTE: The signature to this assignment must correspond with the name
as written on the face of the within bond in every particular, without
alteration or enlargement of any change whatsoever."
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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,
as 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 Honds 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 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
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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. Security for the Bonds. The full faith and credit
of the County is hereby pledged to the payment of the principal of
an interest on the Bonds, and the principal and interest payments
shall be a first charge on the General Fund of the County.
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. Reveal 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 any 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:
IL MEMBER, COUNTY OF HAWAII
Hilo, Hawaii
Date of Introduction
Date of 1st Reading:
Date of 2nd Reading:
Effective Date:
August 10, 1994
August 10, 1994
August 24, 1994
September 2, 1994
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OFFICE OF THE COUNTY CLERK
County of Hawaii ~~^ r t'~ ~: '' ~ M ~~
Hilo ,Hawaii i; ~- `- - "
'yLt ScP ..2 Pik 3 20
Introduced By: James Y. Arakaki
DsteIntroduced: August 10, 1994
First Reading: August 10, 1994
Published: August 16, 1994
Second Reading:
To Mayor:
Returned:
Effective:
Published:
REMMARIGS: August 24,
August 30,
September
September
September 1994
1994
2, 1994
2, 1994
13, 1994
~'"ttb `cn;i: VOTE
AYES NOES ABS EX
ARAKAHI X
BONK-ABRAMSON X
CHILDS X
DE LIMA X
DOMINGO X
HALE X
RATH X
ROSEHILL }{
SCHUTTE X
8 0 1
ROLL CALL VOTE
AYES NOES ABS EX
ARAKAKI X
Roxx-ARRAMSOx X
cHII,DS X
DE LIMA X
DOMINGO X
HALE
BATH X
ROSEHILL
SCHUTTE X
9 0 0
1 DO HEREBY CERTIFY that the foregoing BILL was adopted by the County Council and published as
indicated above.
APPROVE as !o
FORNygn ~G
DaiP
CORPORATION COUNSEL
COUNTY OF HAWAII
. )lye n , ~~~~
uJ ~l , Io.`Y
Appr ve / d this '~ day
of ht ~ , 19 4~~
R, CO OF HAWAII
Bill No.: 2 8 0
Reference: C-1170/FC-229
Ord. No.: 9-~~
COUNCIL CHAIRMAN