HomeMy WebLinkAboutBIL 249 Draft 01 2008-2010COUNTY OF HAWAII
ORDINANCE NO.
STATE OF HAWAII
BILL NO. 249
AN ORDINANCE AMENDING ORDINANCE NO. 09 -153 OF THE COUNTY OF
HAWAII, PERTAINING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS
FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS OF
VARIOUS CAPITAL IMPROVEMENT PROJECTS FOR THE DEPARTMENT OF
WATER SUPPLY OF THE COUNTY.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Findings and Determinations. Pursuant to Ordinance No. 09 -153 (the
"Ordinance "), the County Council has heretofore authorized the issuance of general obligation
bonds of the County, in an aggregate principal amount not to exceed $31,000,000 (the Bonds), for
the purpose of funding all or a portion of the costs of various capital improvement projects for the
Department of Water Supply of the County. Under the provisions of the American Recovery and
Reinvestment Act of 2009, general obligation bonds of the County (including the Bonds) may be
issued as taxable `Build America Bonds" or "Recovery Zone Economic Development Bonds,"
which are eligible for federal interest subsidy payments. The County Council hereby finds and
determines that, subject to market conditions at the time of issuance, it may be beneficial to the
County to issue some or all of the authorized but unissued Bonds as Build America Bonds or
Recovery Zone Economic Development Bonds. The County Council further finds and determines
that certain amendments to the Ordinance may be necessary to facilitate the issuance of the Bonds
as Build America Bonds or Recovery Zone Economic Development Bonds upon favorable terms,
and that it would be advisable, expedient and in the best interest of the County to amend the
Ordinance for such purpose as hereinafter set forth.
follows:
SECTION 2. Amendments. Section 3 of the Ordinance is hereby amended to read as
"SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in
Section 2 hereof shall be issued and sold in one or more series, or as part of one or more
series of other general obligation bonds of the County, all as shall be determined by the
Director of Finance to be in the best interest of the County. The Bonds of a series shall be
issued in fully registered form without coupons in the denomination of $5,000 or any
integral multiple of $5,000, or in such other denominations 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 Bonds of such series and the last of such maturities to be not later than twenty -five
years from the date of the Bonds of such series, may be redeemable prior to the stated
maturity thereof at [
such time or times and upon such terms as may be determined by the Director of Finance,
and shall bear interest at such rate or rates per annum as shall result in a true interest cost not
to exceed eight percent (8 %) per annum, as shall be specified in the contract approved or the
bid accepted for the purchase of the Bonds of such series if any contract therefor be
approved or any bid therefor be accepted. 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 aggregate principal amount of such series of Bonds; the series
designation of such series of Bonds; the date of such series of Bonds; the interest payment
dates and maturity dates of such series of Bonds; the amount of principal of such series of
Bonds maturing on each maturity date; the registration privileges and place or places at
which such series of Bonds may be paid or registered which may include the office of the
Director of Finance; whether or not such series of Bonds shall be subject to redemption prior
to the stated maturity thereof and, if subject to such prior redemption, the times, prices,
methods and other provisions for such prior redemption; whether such series of Bonds shall
bear interest at fixed rates or at a rate or rates which vary from time to time and the
methodology for determining such variable rate or rates; the rights, if any, of the holders of
such Bonds of a series to tender for purchase and the price or prices and time or times and
terms and conditions upon which those rights may be exercised; the rights of the County to
purchase the Bonds of a series and price or prices and the time or times and temis and
conditions upon which those rights may be exercised and the purchase may be made; and all
other details of such series of Bonds."
SECTION 3. Confirmation of Existing Ordinance. Except as expressly amended
hereby, the Ordinance is hereby confirmed and shall remain in full force and effect.
SECTION 4. Material to be repealed is bracketed and stricken. New material is
underscored. In printing this ordinance, the brackets, bracketed and stricken material and
underscoring need not be included.
SECTION 5. If any provision of this ordinance, or the application thereof to any person
or circumstance is held invalid, such invalidity shall not affect other provisions or applications of
the ordinance which can be given effect without the invalid provision or application, and to this
end, the provisions of this ordinance are declared to be severable.
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SECTION 6. This ordinance shall take effect upon its approval.
INTRODUCED BY:
C I
Date of Introduction:
Date of I st Reading:
Date of 2nd Reading:
Effective Date:
1- lawai`i
REFERENCE, Corti: 806
COUNCIL MEMBER, COUNTY OF HAWAI`I
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