HomeMy WebLinkAboutORD 2010-054 2008-2010 Zi aI,'
• COUNTY OF HAWAII , ; . 7" :., STATE OF HAWAII
BILL NO. 245
ORDINANCE NO. 10 54
AN ORDINANCE AMENDING ORDINANCE NO. 04-59 OF THE COUNTY OF HAWAII,
AS HERETOFORE AMENDED, PERTAINING TO THE ISSUANCE OF GENERAL
OBLIGATION BONDS FOR THE PURPOSE OF FINANCING VARIOUS PUBLIC
IMPROVEMENTS OF THE COUNTY.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1 Findings and Determinations Pursuant to Ordinance No 04 -59, as amended
by Ordinance Nos 04 -154 and 09 -20 (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 $47,000,000 (the `Bonds "). to finance various public improvements
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
Amenca 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
authonzed but unissued Bonds as Build Amenca 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.
SECTION 2. Amendments Section 4 of the Ordinance is hereby amended to read as
follows.
"SECTION 4. Details of Bonds The Bonds authorized for issuance and sale in
Section 3 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 senes 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 matunty thereof at [any -time
• - - - : • ! ' • . - - - ..: : such time or times and upon
such terms as may be determined by the Director of Finance, and shall hear 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 authonzed to
determine with respect to the Bonds of a senes, the aggregate principal amount of such
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senes of Bonds, the senes designation of such series of Bonds, the date of such senes 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 pnvileges
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 senes 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
pnces 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 senes 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 "
SEC'T'ION 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:
,. (f a
COUNCIL MEMBER, COUNTY OF HAWAII
Hilo , Hawai`i
Date of Introduction May 5, 2010
Date of 1st Reading May 5, 2010
Date of 2nd Reading May 19, 2010
Effective Date June 7, 2010
REFERENCE Comm. 802
4
i
OFFICE OF THE COUNTY CLERK
County of Hawaii 'CM JUN 8 Pirl 8 56
Hilo, Hawaii
rt i
Introduced By Dennis "Fresh" Onishi ROLE CALL V
Date Introduced May 5, 2010 AYES NOES ABS EX
First Reading May 5 , 2010 Ennques X
Published May 14, 2010 Ford X
Greenwell X
REMARKS Hoffmann X
Ikeda X
Naeole- Beason X
Onishi X
Yagong X
Yoshimoto X
Second Reading May 19, 2010 9 0 0 0
To Mayor May 28 , 2010',
Returned June 8, 2010
J une 7, 2010 ROLL CALL VOTE
Effective AYES NOES ABS EX
Published June 16, 2010
Ennques X
Ford X
REMARKS
Greenwell X
Hoffmann X
Ikeda X
Naeole- Beason X
Onishi X
Yagong X
Yoshimoto X
9 0 0 0
1 DO HEREBY CERTIFY that the foregoing BILL was adopted by the County Council published as
indicated above
APPROVED AS TO COC
FORM AND LEGALITY:
Y: /]
COUNCIL CHAIRMAN
DEPUTY . RPORATION COUNSEL 9 �^
COUNTY OF HAWAII
COUNTY CLERK
Date (A/ fn
Bill No 245
tt. C- 802 /Waived -FC
Approve Disapprovedthts '1 — day Reference
Ord No SO 54
of as lL , 20 I t7
•
MAYOR, COUNTY OF HAWAII