HomeMy WebLinkAboutRES 324 Draft 01 1994-1996COUNTY OF HAWAII STATE OF HAWAII
RESOLUTION N0. ~~•~ 96
A RESOLUTION AUTHORIZING AND PROVIDING FOR THE INCURRENCE
OF INDEBTEDNESS FOR THE PURPOSE OF PROVIDING A PORTION OF
THE COST OF ACQUIRING, CONSTRUCTING, ENLARGING, IMPROVING,
AND/OR EXTENDING ITS COUNTY OFFICES TO THE FORMER J. C.
PENNEY FACILITY.
WHEREAS, it is necessary for the County of Hawaii to
raise a portion of the cost of acquiring, constructing,
enlarging, improving, and/or extending its County offices
to the former J. C. Penney facility by issuing its bonds
in the principal amount of $4 million pursuant to the
provisions of Chapter 47 of the Hawaii Revised Statutes;
and
whereas, the County intends to obtain assistance from
the Farmers Home Administration, United States Department
of Agriculture, in the planning financing and supervision
of such undertaking and the purchasing of lands lawfully
issued, in the event that no other acceptable purchase of
such lands is found by the County.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
COUNTY OF HAWAII that the Mayor of the County of Hawaii is
hereby authorized and empowered to take all action
necessary or appropriate in the execution of all written
instruments as may be requested to such loans and to
acquire the facility under the terms offered in said loan
agreement, including Form FmHA-47, the provisions of which
shall be incorporated herein upon such ezecution.
BE IT FURTHER RESOLVED that a copy of this resolution
be transmitted to the Honorable Stephen K. Yamashiro,
Mayor of the County of Hawaii.
Dated at Hilo, Hawaii, this xl day of June 1996.
Introduced By:
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COUNCIL ER, COUNTY OF HAWAII
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Reference (:-155.02/FC-259
CHAIRMAN 6r PRESIDING OFFICER RESOLUTION NO. a3 4 96
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USDA-Fn1HA FQ R.`A APPRUY ED
Forrn FmHA l94?-47 `~'~B^.o °'-''~'~t'
(Rev. 1-90) LOAN RESOLUTION
(Public Bodies)
A RESOLUTION OF THE County Council
OF THE County of Hawaii
AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS FOR THE PURPOSE OF PROVIDING A
PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, ENLARGING, IMPROVING. AND/OR EXTENDING ITS
COUnty Offin c a_~_ nrl PrnOramc to tha Fnr,nor .T _C` Pcnno.,
FACILITY TO SERVE AN AREA LAWFULLY WITHIN [TS JURISDICTION TO SERVE.
WHEREAS, it is necessary for the County Of Hawaii
(Pu b(ic BadYl
(herein after called Association) to raix a portion of the cost of such undertaking by issuance of its bonds in the principal amount of
Four Million Dollars
pursuant to the provisions of Chap-ter d~ of 1-ho Hwva; ; oe.,; sod Statutoe ;and
WHEREAS, the Association intends to obtain assistance from the Farmers Home Administration, United States Department of Agri-
culture, (herein called the Government) acting under the provisions of the Consolidated Farm and Rural Development Act (7 U.S.C.
1921 et seq.) in the planning, financing, and supervision of such undertaking and the purchasing of bonds lawfully issued, in the event
that no other acceptable purchaxr for such bonds is found by the Association:
NOW THEREFORE. in consideration of the premises the Association hereby resolves:
1. To have prepaced on its behalf and to adopt an ordinance or resolution for the issuance of its bonds containing such
items and in such forms as are required by State statutes and as aze agreeable and acceptable to the Government.
2. To refinance the unpaid balance, in whole or in part, of its bonds upon the request of the Government if at any time
it shall appear to the Government that the Association is able to refinance its bonds by obtaining a loan for such purposes
from responsible cooperative or private sources at reasonable rates and terms for loans for similar purposes and periods
of time as required by action 333(c) of said Consolidated Farm and Rural Development Act (7 U.S.C. 1983(c)).
3. To provide for, execute, and comply with Form FmHA 400.4, "Assurance Agreement," and Form FmHA 400-I, "Equal
Opportunity Agreement;' including an "Equal Opportunity Claux;' which claux is to be incorporated in, or attached
as a rider to, each construction contract and subcontract involving in exceu of $10.000.
4. To indemnify the Government for any payments made or losxs suffered by the Government on behalf of the Association.
Such indemnification shall be payable from the same source of funds pledged to pay the bonds or any other legal per-
missible source.
5. That upon default in the payments of any principal and accrued interest on the bonds or in [he performance of any cov-
enant or agreement contained herein or in the instruments incident to making or insuring the loan, the Governnment at
its option may (a) declare the entire principal amount then outstanding and accrued interest immediately due and pay-
able, (b) for the account of the Association (payable from the source of funds pledged to pay the bonds or any other
legally permissible source), incur and pay reasonable expenxs for repair, maintenance, and operation of the facility and
such other reasonable expenxs as may be necessazy to cure the coax of default, and/or (c) take posxssion of the facility,
repair, maintain, and operate or rent it. Default under the provisions of this resolution or any instrument incident to the
making or insuring of the loan may be construed by the Government to constitute default under any other instrument
held by the Government and executed or assumed by the Association, and default under any such instrument may be
construed by the Government to constitute default hereunder.
6. Not to x6, transfer, leax, or otherwix encumber the Facility or any portion thereof, or interest therein, or permit others
to do so withotr+ the Drinr written conxnt of the Govemment.
7. Not to defeax the bonds, or to borrow money, enter into any contract or agreement, or otherwix incur any liabilities
for any purpox in connection with the facility (exclusive of normal maintenance) without the prior written consent of the
Government if such undertaking would involve the source of funds pledged to pay the bonds.
8. To place the proceeds of the bonds on deposit in an account and in a manner approved by the Government. Funds may be
deposited in institutions insured by the State or Federa! Government or invested in readily marketable xcuri[ies backed
by the full faith and credit of the United States. Any income from rhea accounts will be considered as revenues of the
system.
9. To comply with all applicable State and Federal laws and regulations and to continually operate and maintain the facility
in good condition.
l0. To provide for the receipt of adequate revenues to meet the requirements of debt xrvice, operation and maintenance, and
the establishment of adequate rexrves. Revenue accumulated over and above that needed to pay operating and mainte-
nance, debt xrvice and rexrves may only be retained or uxd to make prepayments on the loan. Revenue cannot be uxd
to pay any expenxs which are not dvectly incurred for the facility financed by FmHA. No free service or use of the
facility will be permitted.
Publ(e reDOrting burden rot thb colde tton of to/ormallonu nttmatsd to aueroge 1 hour Der myyonre, Including the time /or reviewing instruetionr,
rearching exufin( dote rourcer, go thering and main totnln(( the data needed, and eompiettn/and revewing the collection o/information. Send coin men tr
regoNing thir burden ntimaM or onY other wDect o/ th4 colRc tlon o/ in/ormatton Includln/ ruggerttone /or reducin( thu burden, ro D¢vartment o/
Agrleulturs Clearance O//iwr, O1RM. Room 404~W, Warhtn(ton, D. C. 20250; and to the O//Ice o/ Manoyement and Budget. PaD¢rwork Reduction
Proleet (OatB No. Ob75.00161. Warhington, D. C.20503.
l l . To acquire and maintain such insurance and fidelity bond coverage as may be re,,.~red by the Government.
12. To establish and maintain such books and records relating to the operation of the facility and its financial affairs and to
provide for required audit thereof as required by the Government, to provide the Government a copy of each such audit
without its request, and to forwazd [o the Government such additional information and reports as it may from time w
time require.
13. To provide the Government at all reasonable times access to all books and records relating to the facility and access ro
the property of the system so that the Govemment may ascertain that the Association is complying with the provisions
hereof and oC the instruments incident to the making or insuring of the loan.
14. That if the Government requires that a reserve account be established and maintained, disbursements from that account
may be used when necessary for payments due on the bond if sufficient funds are not otherwise available. With the prior
written approval of the Government, funds may be withdrawn for:
(a) Paying the cost of repairing or replacing any damage to the facility caused by catastrophe.
(b) Repairing or replacing short-lived assets.
(c) Making extensions or unprovements to the facility.
Any time funds are disbursed from [he reserve account, additional deposits will be requred until the reserve account has
reached the required funded level.
I5. To provide adequate service to all persons within the service area who can feasibly and legally be served and to obtain
FmHA's concurrence prior to refusing new or adequate services [o such persons. Upon failure to provide services which
aze feasible and legal, such person shall have a direct right of action against the Association or public body.
16. To comply with the measures identified m the Government's environmental impact analysis for this facility for the pur-
pose of avoiding or reducing the adverse environmental impacts of the facility's construction or operation.
17. To accept a grant in an amount not to exceed S 4.000, 000
under the ternts offered by the Govemment; that the ~Ycr
and Finance Director of the Association are hereby authorized and empowered to take alt action necessary
or appropriate in the execution of all written instruments as may be required in regard to or as evidence of such grant; and
to operate the facility under the terms offered in said grant agreement(s).
The provisions hereof and the provisions of all instruments incident to the making or the insuring of the loan, unless otherwise
specifically provided by the terms of such instrument, shall be binding upon the Association as long as the bonds are held or
insured by the Govemment or assignee. The provisions of sections 6 through 17 hereof may be provided for in more specific
detail in the bond resolution or ordinance; to the extent that the provisions contained in such bond resolution or ordinance
should be found to be inconsistent with the provisions hereof, these provisions shall be construed as controlling between the
Association and the Government or assignee
The vote was:
yeas 8 Nays
Absent 0
[N WITNESS WHEREOF, the County Council of the
County of Hawaii has duly adopted this resolution and caused it
to be executed by the officers below in duplicate on this 3~ day of Jtme , l9 4Sz.
(SEAL) a~ ~~.. cZ - !/71H-~. ti ~3~+-'~_
Attest: `/ i9~ Title Council Chaixwtatan
~ltlti
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Title ~~~' Clerk
CERTIFICATION TO BE EXECUTED AT LOAN CLOSING
I, the undersigned, as Cotutty Clerk of the County of Hawaii
hereby certify that the County Cotutcil of such Association is composed of
9 members. of whom y , constituting a quorum, were present at a meeting thereof duly called and
held on the ~~ day of JL^-e , 19 96 ;and that the foregoing resolution was adopted at such meeting
by the vote shown above. [further certify that as of
the date of closing of the loan from the Farmers Home Administration, said resolution remains in effect and has not been rescinded or
amended in any way.
Dated, [his day of
19 _.
Title C~~' Clerk, Cotmty of Hawaii
W.S.GPO--~ 990~G41 ]-0 t a.22ea2