Loading...
HomeMy WebLinkAboutBIL 181 Draft 01 1998-2000 a~,n:.4..r.y ; . COUNTY OF HAWAI~ ~ STATE OF HAWAII BILL NO. 181 ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $1,800,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FINANCING A PORTION OF THE COSTS OF CONSTRUCTING THE EAST HAWAII POLICE DETENTION FACILITY AND TO SECURE THE PAYMENT OF A LOAN BY THE UNTTED STATES OF AMERICA, DEPARTMENT OF AGRICULTURE; AND FIXING THE FORM, DENOMINATIONS, AND CERTAIN DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Findings and Determinations. It is hereby found and determined that: A. It is necessary, advisable and desirable that the County of Hawaii, Hawaii (the "County") undertake the construction of the East Hawaii Police Detention Facility; B. The United States of America acting by and through Department of Agriculture ("USDA") has offered to make a loan (the "Loan"), at one time or from time to time, in the principal amount not to exceed One Million Eight Hundred Thousand Dollars ($1,800,000) to the County under the Federal Consolidated Farm and Rural Development Act to pay part of the cost of the construction of the East Hawaii Police Detention Facility, it being the expectation that the Loan shall bear interest at the rate not to exceed five (5.00%) per annum; C. It is advisable and desirable for the County to obtain the Loan from USDA; and D. It is necessary, advisable and desirable that to secure the payment of the Loan the County authorize, issue and dispose of to USDA general obligation bonds of the County in a principal amount equal to the principal of the Loan obtained by the County from USDA. SECTION 2. Authorization of Bonds. There aze hereby authorized for issuance and sale general obligation bonds of the County (the "Bonds") in the principal amount not to exceed One Million Eight Hundred Thousand Dollars ($1,800,000), the proceeds derived from the sale of which shall be used to pay a portion of the cost of the construction of the East Hawaii Police Detention Facility, appropriations for which have been made in Ordinance No. 99-71, as amended, the Capital Budget Ordinance for the fiscal yeaz ending June 30, 2000. SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in Section 2 hereof shall be issued and sold to USDA 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 such denominations or as a single instrument, all 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 -2- 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, as may be agreed to with USDA but in no event exceeding seven per centum (7%) per annum. 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 series designation; the date of the Bonds of such series; the interest payment dates and maturity dates of the Bonds of such series; the amount of principal of such series of Bonds maturing on each maturity date; the registration privileges and place or places at which the Bonds of such series may be paid or registered which may include the office of the Director of Finance; whether or not the Bonds of such series shall be subject to redemption prior to the stated maturities and, if subject to such prior redemption, the times, prices, methods and other provisions for such prior redemption; and all other details of the Bonds of such series. SECTION 4. Redemntion 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. -3- 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 Fullv Reeistered Bonds. The Bonds shall be lithographed or steel engraved, typewritten, printed or other reproduced as the Director of Finance shall determine. The Bonds of a series 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 printed or manual signatures and seal on 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. In the event the Duector of Finance shall elect to appoint a registrar for the Bonds of a particular series pursuant to Section 3, the Director of Finance shall direct the registrar for the Bonds of such 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 Bonds 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, single instrument provisions or other provisions. -4- [FORM OF BOND] "(Vignette) UNITED STATES OF AMERICA COUNTY OF HAWAII STATE OF HAWAII PUBLIC IMPROVEMENT BOND SERIES (Number) INTEREST MATURITY DATE OF RATE: DATE: BOND: CUSIP: 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 prior 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 such 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 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 -5- 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 (15th) day (whether or not a business day) of the calendar month 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 "Public Improvement 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 or 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 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. -6- 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 [he 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 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 $5,000 portions of the principal sum hereof in installments of $5,000 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 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 -7- 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 afrer 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 Registraz 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 Registraz, 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 certain public improvements made in -8- the Capital Budget Ordinances for the fiscal years ending June 30, 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 Counry, 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 is 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 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 facsimile of the signatures of its Director of Finance and of its Mayor, and to be sealed with the facsimile of the seal of the County of Hawaii, and this bond to be dated as of the day of , 19_ [FACSIMILE SIGNATURE] Duector 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" -10- [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 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 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. " SECTION 7. Sale of Bonds. To secure the payment of the loan from USDA, 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, at a negotiated sale to USDA in accordance with Section 47-8, Hawaii Revised Statutes, as amended, at such price or prices and upon such -11- terms and wnditions as he shall approve and determine to be in he best interest of the County. Without limiting the generality of the foregoing, with respect to the issuance and sale of the Bonds or of portions of the Bonds, to secure the payment of the Loan from USDA, the Director of Finance is hereby authorized to retain bond counsel, paying agents, registrars and fmancial and accounting consultants, upon such terms and conditions as he shall deem advisable and in the best interest of the County, to select the date for such sale, to enter into one or more loan agreement with USDA pursuant to which the loan shall be made and the Bonds or portions thereof shall be issued to secure the Loan , in each case in such form and containing such terms and conditions as he shall approve and deem advisable, to distribute an Official Statement and such other information relating to the Bonds as he may 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 loan agreement or loan agreements approved. The Mayor, Director of Finance and all officials of the County are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the sale of the Bonds or any portion thereof, and, if any loan agreement therefor be approved or any bid therefor be accepted, the preparation execution, and delivery thereof, in accordance with the provisions hereof and applicable law. SECTION 8. Security for the Bonds. The Bonds are general obligations of the County, the full faith and credit of the County is hereby irrevocably pledged to the punctual payment of the principal of and interest on the Bonds according to the terms thereof, and the principal and interest payments on the Bonds shall be a first charge on and shall be paid from the General Fund of the County. -12- 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. Bond Insurance. The Director of Finance of the County, subject to applicable law, is authorized to procure, determine and provide for any insurance provisions respecting the Bonds, or any portion thereof, as he shall determine to be in the best interest of the County, including, without limitation, the selection of the bond insurer, the payment of the insurance premium or related fees and printing of any statement with respect to such insurance upon such Bonds. SECTION 11. 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 any provision of this ordinance shall be and are hereby repealed to the extent of such conflict or inconsistency. SECTION 12. Effective Date. This ordinance shall take effect upon its approval. INTRODUCED BY: C;^~~~ COUNCIL MEMBER, COU TY OF HAWAII Hilo, Hawaii Date of Introduction Date of 1st Reading Date of 2nd Reading Effective Date: REFERENCE: Comm. 576 -13-