HomeMy WebLinkAboutBIL 247 Draft 01 2008-2010COUNTY OF HAWAII
ORDINANCE NO.
STATE OF HAWAII
BILL NO. 247
AN ORDINANCE AMENDING ORDINANCE NO. 08 -106 OF THE COUNTY OF
HAWAII, AS HERETOFORE AMENDED, 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 COUNTY.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Findings and Determinations. Pursuant to Ordinance No. 08 -106, as
heretofore amended by Ordinance Nos. 09 -92, 09 -92A and 09 -154 (as so amended, 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 $114,588.700 (the "Bonds ").
to fund all or a portion of the costs of various capital improvement projects for 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 or as part of a 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 [amy-time
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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
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such time or times and upon
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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 terms 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.
Date of Introduction:
Date of 1st Reading:
Date of 2nd Reading:
Effective Date:
, Hawai`i
REFERENCE, Comm: 804 ,
INTRODUCED BY:
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COUNCIL MEMBER, COUNTY OF HAWAII