HomeMy WebLinkAboutRES 296 Draft 01 1992-1994COUNTY OF HAWAII STATE OF HAWAII
RESOLUTION N0. 296 94
A RESOLUTION APPROVING THE ISSUANCE OF $15,100,000 IN REVENUE
BONDS BY THE CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY FOR
FINANCING PROJECTS TO BE LOCATED WITHIN THE COUNTY OF HAWAII
WHEREAS, 26 U.S.C. § 147(f) and Temporary Treasury Reg §Sf.103-2 (the
"Federal Law's requires the host approval of County of Hawaii of tax-exempt revenue
bonds approved and issued in another jurisdiction if the facilities to be financed by such
bonds are proposed to be constructed within the geographic boundaries of the County of
Hawaii; and
WHEREAS, the Federal Law requires that public notice be given and a hearing
held to provide the public an opportunity to comment on the issuance of such tax-exempt
revenue bonds prior to its approval; and
WHEREAS, the California Educational Facilities Act ("CEFA") is proposing the
issuance and sale of $15,100,000 in Revenue Bonds to make a loan to the California
Institute of Technology ("Caltech") for partial funding and completion of the
W. M. Keck Observatory, Phase II ("Keck-Phase II") and the construction of a
headquarters building for the Caltech Submillimeter Observatory ("CSO"); and
WHEREAS, such facilities aze proposed to be constructed on the Island of
Hawaii; and
WHEREAS, $14,100,000 of the bond proceeds is proposed for the Keck-Phase II
project and $1,000,000 of bond proceeds is proposed for construction of the CSO
headquarters building; and
WHEREAS, the County of Hawaii will not have any obligation to make
payments with respect to the revenue bonds which will be the special obligation of CEFA
payable solely from revenue received by CEFA pursuant to a loan agreement with
Caltech.
NOW, THEREFORE, BE I1' RESOLVED BY THE COUNCIL OF THE
COUNTY OF HAWAII that the issuance and sale of $15,100,000 in revenue bonds by
CEFA for the two Caltech projects located on the Island of Hawaii and within the
jurisdictional boundaries of the County of Hawaii is hereby approved as required by
Federal law.
BE IT FURTHER RESOLVED that the County Clerk transmit copies of this
resolution to the California State Treasurer and the California Educational Facilities
Authority.
DATED at Hilo, Hawaii, this 19th day of October , 1994.
COUNTY COUNCIL
County of Hawau
Hilo, Hawaii
I hereby certify that the foregoing RESOLUTION wes by the
vote indicated to the right hereof adopted by the COUNCIL of
the County of Hawaii on October 19, 1994 ,
ATTEST:
C CLERK CHAIRMAN & PRESIDING OFFICER
ROLL CALL VOTE
I I AYES I NOES I A[3S I EX I
Reference C-134 4
RESOLUTION NO. 296 94
INTRODUCED BY: