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Home My WebLink AboutORD 2010-055 2008-2010 �Mt� , M�' COUNTY OF HAWAII ^:;'fir, e; STATE OF HAWAII BILL NO. 246 ORDINANCE NO. 10 5S AN ORDINANCE AMENDING ORDINANCE NO. 07 -120 OF THE COUNTY OF HAWAII, PERTAINING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF FUNDING COSTS OF THE WAIKOLOA WORKFORCE HOUSING PROJECT. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1 Findings and Determinations Pursuant to Ordinance No. 07 -120 (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 $40,000,000 (the "Bonds "), to fund costs of the Waikoloa Workforce Housing Project. 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 I he County Council hereby finds and determines that, subject to market conditions at the time of issuance, rt may be beneficial to the County to issue some or all of the authonzed 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. SECTION 2. Amendments. Section 3 of the Ordinance is hereby amended to read as follows "SECTION 3. Details of Bonds The Bonds authorized for issuance and sale hereunder 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 m the best interest of the County. The Bonds of a senes shall be issued in fully registered form without coupons in the denommation 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 senes (if the term to maturity of such series exceeds two years) shall mature annually on such day in each year in substantially equal installments of principal or in substantially equal installments of pnncipal and interest, the first of such matunties to be no later than five years from the date of the Bonds of such series and the last of such matunties to be not later than twenty -five y ears from the date of the Bonds of such series The Bonds of a senes may be redeemable prior to the stated maturity thereof at [:.- t ° ameunt- thereefl 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[, not exceeding • - • - ° , . • .. , . --1 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, 2 the aggregate principal amount of such senes of Bonds, the series designation of such senes of Bonds, the date of such senes of Bonds, the interest payment dates and matunty 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 series of Bonds shall be subject to redemption pnor to the stated matunty thereof and, if subject to such prior redemption, the times, pnces, methods and other provisions for such pnor redemption; whether such senes 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 senes to tender for purchase and the pnce or prices and time or times and terms and conditions upon which those rights may be exercised, the nghts 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 nghts may be exercised and the purchase may be made, and all other details of such senes 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 3 SECTION 6. This ordinance shall take effect upon its approval INTRODUCED BY COUNCIL MEMBER, COUNTY OF HAWAII Hilo , Hawat`t 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 REFERFNCEa Comet 803 4 I OFFICE OF THE COUNTY CLERK 2010 JUN 8 Nil 3 57 County of Hawaii Hilo. Hawaii C'Ou ; ; r; i , iK Introduced By Dennis "Fresh" Onishi ROLL CALL VOTE Date lntroduced May 5, 2010 AYES NOES ABS EX First Reading May 5, 2010 Enriques 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 ROLL CALL VOTE Effective June 7, 2010 AYES NOES ABS EX Published June 16, 2010 Ennques X Ford X REMARKS Greenwell X Hoffinann 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 tndtcated above APPROVED AS TO (3 6S FORM AND LEGALITY /7 � — � COUNCIL CHAIRMAN DEPUTY RPORATION COUNSEL COUNTY F HAWAI'I . 1 — ( COUNTY CLERK Date ( v Bill No 246 iik C- 803 /Waived -FC 4ppfrov Disapproved this day Reference Ord No 1 55 LLD _,:o.-- ' — MAYOR, COUNTY OF HAWAI'I 1