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HomeMy WebLinkAboutRES 109 Draft 01 1972-1976 County of Hawaii-State of Hawaii Resolution No. J.9 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $15,504.00 PAR VALUE 62% IMPROVEMENT DISTRICT BONDS FOR IMPROVEMENT DISTRICT NO. 12, KAUILA STREET SEWERS, SOUTH HILO, HAWAII, SALE DATE SEPTEMBER 24, 1973. WHEREAS, by Ordinance No. 589 of the County of Hawaii, special assessments were.fixed against the several properties situate in and comprising Improvement District No. 12, Kauila Street Sewers, South Hilo, Hawaii, and the time for paying the said assessments or the first installment thereof did expire on August 5, 1973; and WHEREAS, all property owners or holders in said Improvement District have paid their assessments in full or elected"to pay in installments with respect to each and every lot specially assessed for the cost of said improvements, leaving unpaid as of August 10, 1973, a balance of $15,504.00, which amount is to be paid in not more than nineteen remaining installments to- gether with interest; and WHEREAS, the unpaid balance'of $15,504.00 is now required to meet the cost of undertaking the said Improvement District; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII, STATE OF HAWAII: 1. That Improvement District Bonds for Improvement District No. 12, Kauila Street Sewers, South Hilo, Hawaii, amounting to $15,504.00 be and the same are hereby authorized for issuance, and that the officials designated by law are hereby directed to execute and issue such bonds as provided by Ordinance No. 350, as amended, and the Charter of the County of Hawaii. 2. That the bonds of this issue shall be dated October 1, o a 1973, and will be coupon bonds of the denomination of $1,000 each, except as to one bond which shall be of the denomination of $504.001 without privilege of registration, numbered consecutively 1 to 16, inclusive; that the said bonds shall bear interest at the rate of six and one-half per centum (62%) per annum payable semi- annually on April 1 and October 1, and shall mature October 1, 1992; provided, that on or after October 1, 1974, the said bonds will be subject to redemption before maturity whenever sufficient funds are available; that said bonds and interest coupons thereof shall be printed or lithographed, and when printed or lithographed, shall contain the provisions substantially set forth herein, and shall be issued in substantially the following form: NO. UNITED STATES OF AMERICA STATE OF HAWAII IMPROVEMENT DISTRICT BOND OF THE COUNTY OF HAWAII $1,000 $1,000 IMPROVEMENT DISTRICT NO. 12 KAUILA STREET SEWERS SOUTH HILO, HAWAII TOTAL ISSUE $15,504.00 Payable October 1, 1992 Redeemable on and after October 1, 1974 KNOW ALL MEN BY THESE PRESENTS: That, subject to the provisions of Ordinance No. 350, as amended, and the Charter of the County of Hawaii and pursuant to the proceedings of the County Council duly taken thereunder; THE COUNTY OF HAWAII, State of Hawaii, for value received, -2- RESOLUTION NO. 109 O O hereby promises to pay the bearer out of the fund hereafter specified, the sum of ONE THOUSAND DOLLARS ($1,000) on the lst day of October, 1992, together with interest thereon at the rate of six and one-half per centum (62%) per annum, payable semi- annually on the 1st day of April and October, upon presentation and surrender of the interest coupons attached hereto as they severally become due, both principal and interest of this bond being payable out of the fund hereafter specified and at the office of the Director of Finance, County of Hawaii, at Hilo, Hawaii. The principal and interest of this bond are exempt from all state, county and municipal taxation in the State of Hawaii, except inheritance, transfer and estate taxes. THE COUNTY OF HAWAII reserves the right to redeem this bond on the 1st day of October, 1974, and thereafter as provided by Ordinance No. 350, as amended, and the Charter of the County of Hawaii. This bond is payable exclusively out of the money to be collected or paid on account of the assessments unpaid as of the 10th day of August, 1973, being a total sum of $15,504.00 bearing interest at six and one-half per centum (62%) per annum as prescribed by Ordinance No. 589 of said County of Hawaii against property contained in Improvement District No. 12, Kauila Street Sewers, South Hilo, Hawaii, in said County of Hawaii, which unpaid assessments are payable in not more than nineteen equal installments with interest at six and one--half per centum (62%) per annum from August 5, 19'73, and which assessments are severally a prior lien upon the several properties assessed to the extent of the amount of the unpaid assessments thereon. THE COUNTY OF HAWAII hereby promises, for valuable con- sideration, to cause said unpaid assessments to be collected or paid and kept in the Improvement District Bond and Interest -3 1.99 RESOLUTION NO. 0 0 Redemption Fund to be applied solely to the payment of interest and principal on the bonds issued for said Improvement District until fully paid, and will otherwise perform all its obligations as required by law. THE COUNTY OF HAWAII does not otherwise guarantee the payment hereof. This bond is not a general debt of the County of Hawaii, nor based upon the credit of the public domain, nor chargeable against the general revenues of said County, nor has it been specifically authorized by the voters of said County as part of a general indebtedness. It is hereby certified and recited that all acts, conditions and proceedings essential to the validity of this bond and re- quired by said Ordinance No. 350, as amended, and the Charter of the County of Hawaii to be done precedent thereto and in the issuing of this bond, exist, have duly happened and have been performed in regular and due form as required by law. IN WITNESS WHEREOF, the said COUNTY OF HAWAII has caused this bond to be executed by its Director of Finance, to bear the signature of its Chairman of the Council and its Clerk and sealed with the Corporate Seal of the County of Hawaii, and the interest coupons hereto attached to bear the engraved facsimile signature of its Director of Finance, as of the lst day of October, 1973. COUNTY OF HAWAII By Its Director of Finance By Its Chairman of the Council ATTESTED: Its Clerk (SEAL) I -4- 1-09 RESOLUTION NO. I (FORM OF COUPON) The County of Hawaii, State of Hawaii ON APRIL 1 1974 will pay the bearer at the Office of the $32.50 Director of Finance, County of Hawaii, Hilo, Hawaii, out of the Improvement District Bond and Interest Redemption Fund, the.sum shown hereon, being the semi-annual interest then due on its Improvement District Bond issued for IMPROVEMENT DISTRICT NO. 125 KAUILA STREET SEWERS, SOUTH HILO, HAWAII, dated as BOND NO. 2 of October 1, 1973. STANLEY A. NAKAMAE Director of Finance 12 Coupon No. 1 3. That the principal and interest of said bonds shall be payable at the office of the Director of Finance, County of i Hawaii, at Hilo, Hawaii, solely and exclusively out of the Improvement District Bond and Interest Redemption Fund from all I moneys collected on account of assessments and interest due for Improvement District No. 12, Kauila Street Sewers, South Hilo, i Hawaii, which shall be designated in the bonds issued hereunder. 4. That the Director of Finance of the County of Hawaii I is hereby authorized and directed to procure the printing or lithographing of the necessary bonds authorized herein, sub- stantially according to the foregoing form hereby approved by the Council of the County of Hawaii; and that said Director of Finance is hereby further authorized and directed on behalf of the County of Hawaii to publish a notice of sale in a newspaper of general circulation published in the County of Hawaii, at -5- I RESOLUTION NO. 109 i ~o 0 least once a week for not less than two successive weeks, that tenders will be received for the purchase of said bonds at the Office of the Treasury Division, Department of Finance, County of Hawaii, at Hilo, Hawaii, up to 10:00 a.m. on September 24, 1973. 5. That the conditions of sale of said bonds shall be as follows: (1) All bids shall state the price bid per $100.00 par value and the amount of bonds for which the bid is made; (2) On bids for the entire issue where award is made to the highest bidder, in the event of an award of the issue as a whole, the Council reserves the right to apportion the award among two or more equal bidders in the event no bid is the highest; (3) On bids for less than the entire issue, in the event of award of the issue in blocks less than the whole issue the Council reserves the right to apportion the bonds to the highest bidders. No bidder shall specify any bond serial number as a ~ condition to the bid. The Council shall determine the amount of bonds and the serial number of bonds to be awarded to the highest i bidder or bidders based on any bid made; (4) The Council shall determine on the basis of the bids I received whether the interest of the property owners within i i the Improvement District will be best served by selling the i issue as a whole or in blocks less than the whole issue; I (5) The Council reserves the right to reject any or all I bids including bids based upon any term or terms other than those appearing herein; (6) Bids shall be made according to the form of proposal prepared by the Director of Finance, County of Hawaii; (7), All bids shall be accompanied by a deposit of certified i RESOLUTION NO. 09 O 0 check or cashiers check drawn on a bank doing business within the State of Hawaii, for or in a sum equal to 5% of the par value of the maximum number of bonds bid for, payable at sight to the Director of Finance, County of Hawaii. Check of the successful bidder will be applied toward payment for the purchase price of the bonds and accrued interest. Checks of all unsuccess- ful bidders will be returned immediately after the bid opening or as soon thereafter as the normal course of business allows. I In the event that an award is made to any successful bidder and said bidder fails to pay the balance due in cash upon tender by i said Director of Finance of the number of bonds awarded, the deposit shall be forfeited to the County of Hawaii to be cashed by its Director of Finance and deposited in the General Fund; (8) Each successful bidder to whom bonds are awarded shall pay to the Director of Finance of the County of Hawaii, in I addition to the amount of his bid, a sum equal to the amount of interest accrued on the bonds awarded from their date to the date of payment of the bonds; (9) Delivery of the fully executed bonds will be made in Hilo or Honolulu, Hawaii, at the expense of the County of Hawaii, as soon as possible as the normal course of business allows, or elsewhere at the expense of the purchaser. In the event that prior to the delivery of any of the bonds to the successful bidders therefor, the interest on the said bonds shall become taxable by virtue of any change in the Federal Tax Statutes or regulation, the successful bidder may, at his election, be relieved of his obligations to purchase said bonds. I --7- RESOLUTION NO. 109 J Dated at Hilo , Hawaii, this 29th day of August, 7-973 INTRODUCED BY: unc' man, County f Hawaii 8- ROLL CALL VOTE COUNTY COUNCIL AYES NOES A/E County of Hawaii Carpenter x Hilo, Hawaii De Luz X I hereby certify that the foregoing RESOLUTION was by the vote indicated to Farias x Fujii x the right hereof adopted by the COUNCIL of the County of Hawaii on. Hisaoka X August 29, 1973 Kawahara x - MataYoshi x ATTEST: Yadao X Chr. Yamada x / 8 1 -15.6/PwC-16 Reference: Tadashi Suzuki YbeJtM. Yamad COUNTY CLERK CHAIRMAN & PRESID N OFFICER M.B. No . .................33P RESOLUTION NO. HPL