HomeMy WebLinkAboutRES 338 Draft 01 1980-1984_Y 0 0
COUNTY OF HAWAII - STATE OF HAWAII
RESOLUTION NO. 338 82
WHEREAS, the County of Hawaii created Improvement
District No. 11, Discovery Harbor and Adjacent Lands,
Waiohinu, Ka'u, in 1972; and
WHEREAS, the Council, after public hearing on June 1,
1977, issued Resolution No. 224 which provided that there
was insufficient money in Improvement District No. 11 to pay
all principal and interest due bondholders in the years 1977
and following; and
WHEREAS, the Council in said Resolution directed the
Finance Director to submit a report to the Council when
there was sufficient money available to pay all interest and
principal due and payable on outstanding bonds; and
WHEREAS, the Finance Director submitted a written
report to the Council; and
WHEREAS, the Council conducted a public hearing on
April 1, 1982, on a proposal to redeem on May 1, 1977,
Improvement District No. 11 bonds bearing maturity dates of
May 1, 1977, through May 1, 1982, inclusive; and
WHEREAS, the Council has reviewed the report of the
Finance Department, the information supplied by the Finance
Director and counsel for the Improvement District, and the
response to the public hearing; there is now sufficient
money in Improvement District No. 11 to pay all principal
and interest on matured bonds and all accrued expenses of
said Improvement District; it appears reasonably probable
that there will hereafter be sufficient Improvement District
No. 11 funds to make timely payment on all bond principal
and interest as such shall hereafter become due;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
COUNTY OF HAWAII as follows:
The Council finds, based upon the report of the Finance
Director, the information and recommendations submitted by
the Finance Director and counsel for the Improvement
District, and the response to the public hearing that there
are now sufficient moneys to pay all principal and interest
due and payable on all outstanding Improvement District
No. 11 bonds bearing maturity dates of May 1, 1977, to
May 1, 1982, inclusive.
The Council further finds that in light of all the
facts known to the County of Hawaii, that it appears
reasonably probable that there will hereafter be sufficient
moneys in Improvement District No. 11 to allow timely
payment of all interest and principal on Improvement
District No. 11 bonds which mature after May 1, 1982.
The Council hereby authorizes and directs the Finance
Director to make payment of the principal and interest now
due and payable on all outstanding bonds and hereafter to
continue making such payments in accordance with the terms
and conditions of the Improvement District No. 11 bond
issue, the applicable Resolutions for said Improvement
District, and in accordance with the applicable provisions
CPZ
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LTJ
of Chapter 16, Hawaii County Code, and the Hawaii Revised
Statutes.
The Council further directs that in the event that the
moneys in the Improvement District funds become insufficient
to make timely payment of principal and interest on
outstanding bonds as same become due and payable, the
Finance Director shall promptly advise the Council thereof
and make recommendations to the Council with respect to use
of the moneys remaining in the Improvement District funds.
Dated: Hilo, Hawaii, April 21, 1982
INTRODUCED BY:
1 �-O T rt.A.w.ii
COUNCIL MEMBER, COUNTY OF HAWAII
COUNTY
tel.
*AIRAN IDING OFFICER
-3-
Reference.
M.B. No
RESOLUTION NO. 338-82
COUNTY COUNCIL
County of Hawaii
Hilo, Hawaii
I hereby certify that the foregoing RESOLUTION was by the vote indicated to
the right hereof adopted by the COUNCIL of the County of Hawaii on
April 21, 1982
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ATTEST:
ROLL CALL VOTE
AYES NOES A/E
Dahlberg x
De Luz, III x
Domingo xFujii
x
Hale x
Kawahara x
Lai x
Schutte x
COUNTY
tel.
*AIRAN IDING OFFICER
-3-
Reference.
M.B. No
RESOLUTION NO. 338-82