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HomeMy WebLinkAboutORD 1995-111 1994-1996COUNTY OF HAWAII ,'~`, STATE OF HAWAII BILL NO. i 2 s ORDINANCE NO. 95 111 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $5,500,000 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 Determination 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. 95-75 passed by the Council of the County and approved by the Mayor of the County and with an effective date of July 1, 1995, as amended ("Ordinance No. 95-75"), among other appropriations, $5,500,000 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. 95-75; (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. 95-75, $5,500,000 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 mazimum principal amount of $5,500,000, 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. 95-75 for the fiscal year ending June 30, 1996, as follows: Ord. No. Proiect Amount 95-75 Holualoa Hay Sewage Pump Station $3,500,000 95-75 Disappearing Sands Sewage Pump Station $2,000,000 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. 95-75, 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 -2- without coupons in the denomination of $5,000 or any integral multiple of $5,000, or in such denominations as the Director of Finance shall determine. The Honds 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 Honds; 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 Honds 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 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 -3- 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 Bond 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. SECTION 5. Payment 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 Fully Resister d Bond 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 -4- 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 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 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: U 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 -5- 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 neat 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 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 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 fixed for -6- 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 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 -7- 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 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 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 -8- 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" -9- [FORM OF CERTIFICATE OF AUTHENTICATION] "CERTIFICATE OF AUTHENTICATION 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 tas identifying number of assignee: (name and address of assignee) the within-mentioned bond and hereby irrevocably constitutes and appoints the same on the Bond Register in the _ within-mentioned Registrar, or in the power of substitution in the premises. _, attorney-in-fact, to transfer office of the office of its successors with full 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." -10- 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 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 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 -11- 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. Securitv 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: Hilo, Hawaii Date of Introduction Date of 1st Reading: Date of 2nd Reading: Effective Date: August 16, 1995 August 16, 1995 September 6, 1995 Septanber 13, 1995 -12- MEMBER, COUNTY OF HAWAII A~PQPROVED AS TO FORM AND LEGALITY: U~Y~-L.C-~ ~( ~Oc~ Deputy Corporation Counsel REFERENCE: Comm. 579 OFFICE OF THE COUNTY CLERK County of Hawaii Hilo Hawaii ~.J l.'~ 1.1 ~ ~J V~ Introduced By: Janes Y. Arakaki Date Introduced: August 16, 1995 First Reading: August 16, 1995 Published: August 24, 1995 REMARKS: Second Reading: Sep tember 6, 1995 To Mayor: Sep tember 7, 1995 Returned: yE:n anh r 14 1995 Effective: Sep tember 13, 1995 Published Sep tember 20, 1995 REMARKS: I DO HEREBY indicated above APPROVED to FO M an~ //// CORPORATION COUNSEL COUNTY OF HAW/AII Dafe ~"~I //`~~ Approv~t/Birwppsarad this /.3 day of /l~Tfi-.,.~/~- .IS 91~ Y ,COUNTYOF'~ WAIL ROLL CALL VOTE AYES NOFS ABS EX Arakaki }{ Bonk-Abramson }{ Childs X De Lima X Domingo }{ Osorio X Rath X Ray X Smith }{ 9 0 0 0 ROLL CALL VOTE AYFS NOES ABS EX Arakaki X Bonk-Abramson X Childs X De Lima X Domingo X Osorio }{ Rath X Ray X Smith X 9 0 0 0 adopted by the County Council and published as COUNCIL CHAIRMAN ~~~LI~/I~~~~ ~COLINTY CLERK Bill No.: 125 Reference: C-579/FC-124 Ord No.: