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HomeMy WebLinkAboutRES 139 Draft 01 1963 COUNTY OF HAWAII - STATE OF HAWAII RESOLUTION NO. 139 A RESOLUTION AUTHORIZING THE BORROWING OF ONE MILLION FOUR HUNDRED FIFTY THOUSAND DOLLARS ($1,450,000) AND ISSUING GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII TO EVIDENCE SUCH INDEBTEDNESS, FOR THE PURPOSE OF FINANCING PUBLIC IMPROVEMENTS FOR THE COUNTY OF HAWAII, FIXING THE FORM AND DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE AND REPEALING ALL RESO- LUTIONS OR PARTS THEREOF HERETOFORE ADOPTED INCONSISTENT HEREWITH. WHEREAS, it is necessary and expedient for the County of Hawaii to make certain public improvements and it is necessary and expedient for said County to borrow money and issue bonds of said County to provide funds with which to pay the cost of such public improvements; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF HAWAII, STATE OF HAWAII: 1. That the Treasurer of the County of Hawaii be and he hereby is directed to have prepared and sell according to law and subject to the approval of the Board of Supervisors One Million Four Hundred Fifty Thousand Dollars ($1,450,000) Public Improvement Bonds, 1963 Series A, of the County of Hawaii, said bonds to be serial bonds dated July 1, 1963, of the denomination of $1,000 each or $5,000 each at the option of the purchaser thereof, numbered from one upward in the order of their maturity, and payable serially in numerical order Eighty Thousand Dollars ($80,000) bonds on July 1 in each of the years 1966 to 1981, inclusive, and Eighty-five Thousand Dollars ($85,000) bonds on July 1 in each of the years 1982 and 1983, with- out option of prior redemption by this Board. Said bonds shall bear interest payable semi-annually on January 1 and July 1 of each year at such rate or rates of interest not exceeding five per centum ( 5%) per annum as shall be determined by resolution of the Board / Kr,45, !Vu i` MAY 24133 of Supervisors at the time of the sale thereof. Both principal of and interest on the bonds shall be payable at the office of the Treasurer of the County of Hawaii, Hilo, Hawaii, or, at the option of the holder thereof, at the principal office of the Chemical Bank New York Trust Company, New York, New York. Said bonds shall be in coupon form without privilege of registration. Said bonds and coupons to be attached thereto shall be in substantially the following form, to-wit: UNITED STATES OF AMERICA STATE OF HAWAII COUNTY OF HAWAII PUBLIC IMPROVEMENT BOND, 1963 SERIES A No. $ The County of Hawaii, State of Hawaii, for value received hereby promises to pay to bearer upon surrender hereof the sum of Thousand Dollars ($ ,000) on the first day of July, 19 with interest thereon at the rate of per centum ( %) per annum, payable semi-annually on the first day of January and the first day of July upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at the office of the Treasurer of the County of Hawaii at Hilo, State of Hawaii, or, at the option of the holder hereof, at the principal office of the Chemical Bank New York Trust Company, in the City and State of New York. This bond is exempt from any and all taxes whatsoever of the State of Hawaii or of any municipalityor political subdivision thereof, and is a general obligation of the County of Hawaii payable as to both principal and interest as a first charge upon the general revenues of the County of Hawaii. MAY 2 4 19,63 This bond is one of an issue of bonds issued for public improvement purposes in the County of Hawaii, and is issued under and pursuant to and in full compliance with the Constitution and statutes of the State of Hawaii, including Chapter 139 of the Revised Laws of Hawaii, 1955, and acts amendatory thereof and supplemental thereto, and pursuant to proceedings of the Board of Superviors of the County of Hawaii duly taken thereunder. It is hereby certified, recited and declared that all con- ditions, acts and things essential to the validity of this bond and the issue of which it forms a part exist, have happened and have been done, and that every requirement of law affecting the issue hereof has been duly complied with, and that the amount of this bond and the issue of which it forms a part, together with all other indebted- ness of the County of Hawaii, is not in excess of any statutory or constitutional limit of indebtedness, and that the full faith and credit of the County of Hawaii are hereby irrevocably pledged to the punctual payment of the principal of and interest on this bond, according to its terms. IN WITNESS WHEREOF, the County of Hawaii has caused this bond to be signed by its Treasurer, to bear the lithographed facsim- ile signatures of the Chairman of its Board of Supervisors and its Auditor, to bear a lithographed facsimile of its seal, the interest coupons hereto attached to bear the lithographed facsimile signature of its Treasurer and this bond to be dated as of the first day of July, 1963. Chairman, Board of Supervisors COUNTERSIGNED: Treasurer Auditor -3- P. MAY 2 4 1963 (FORM OF COUPON) No. $ The County of Hawaii, State of Hawaii, will pay to bearer the sum of Dollars ($ ) on the first day of , 19 , at the office of the Treasurer of the County of Hawaii, Hilo, Hawaii, or, at the option of the holder, at the principal office of the Chemical Bank New York Trust Company, New York, New York, being six months' interest then due on its Public Improvement Bond, 1963 Series A, dated July 1, 1963, No. . Treasurer 2. That the proceeds from the sale of the bonds herein authorized to be prepared and sold shall be used to provide funds to pay all or a portion of the cost of the following projects: Project Approximate Amount Kailua-Kona Sewer System, including land acquisition $ 231,000.00 Wailoa Flood Control Project, including land acquisition 475,000.00 Hilo Sewer System, including land acquisition 350,000.00 Geriatric Treatment Center 50,000.00 Miscellaneous Public Improvements including construction of buildings, purchase of furnishings and equip- ment therefor and acquisition of land - West Hawaii 234,000.00 Miscellaneous Public Improvements including furnishings and equipment therefor - East Hawaii 110,000.00 $1,450,000.00 3 . That the Treasurer is hereby authorized to publish a notice of sale of said bonds in substantially the form hereto attached marked "Exhibit A", and that this Board shall meet at the time set forth in said Notice for the receipt of bids to consider the bids received and if any of said bids be accepted to make a prompt award of the bonds and fix the rate or rates of interest to be borne thereby. IVY 2 419q. 4. That all resolutions, including Resolution 115 heretofore adopted by this Board on April 17, 1963, and parts of resolutions in conflict herewith be and the same are hereby repealed, and this resolution shall take effect immediately. Introduced by: f s r ( d(-0 Supervisor, 2nd Senatorial District Dated at Hilo, Hawaii May 24, 1963 Res. N v / • M• L.1 ! �+r� r;,)t ..r_MAY 2 4 1963 EXHIBIT A NOTICE OF SALE $1,450,000 PUBLIC IMPROVEMENT BONDS, 1963 SERIES A COUNTY OF HAWAII STATE OF HAWAII SEALED PROPOSALS will be received by the undersigned for the purchase of $1,450,000 Public Improvement Bonds, 1963 Series A, of the County of Hawaii, State of Hawaii, at the office of Messrs. Wood, King, Dawson Logan, Bond Counsel, 48 Wall Street, New York 5, New York, up to 2 :00 o'clock, P.M. , Eastern Daylight Saving Time, or at the office of the Treasurer of the County of Hawaii at Hilo, Hawaii, up to 8:00 o'clock, A.M. , Hawaiian Standard Time, on June 5, 1963 . The bonds offered for sale are dated July 1, 1963, payable serially $80,000 bonds on July 1 in each of the years 1966 to 1981, inclusive, and $85,000 bonds on July 1 in each of the years 1982 and 1983, without option of prior redemption, and are issued pur- suant to and in accordance with the Constitution and statutes of the State of Hawaii, including Chapter 139 of the Revised Laws of Hawaii, 1955, as amended. The bonds will be coupon bonds of the denomination of $1,000 each or $5,000 each at the option of the purchaser, without privilege of registration, and will bear interest at a rate or rates not exceeding five per centum (5%) per annum, payable semi-annually January 1 and July 1. Both principal and interest will be payable at the office of the Treasurer of the County of Hawaii at Hilo, Hawaii, or, at the option of the holder, at the principal office of Chemical Bank New York Trust Company in the City and State of New York. These bonds are the absolute and unconditional general obligations of the County of Hawaii, payable as to both principal and interest as a first charge upon the general revenues of the MAY r 4 7 V County of Hawaii. They are being issued to pay all or a portion of the cost of various public improvements in the County of Hawaii. These bonds are offered subject to the unqualified legal opinion of Messrs. Wood, King, Dawson E Logan of New York City, Bond Counsel to the County, which opinion shall be printed upon the bonds, to the effect that the bonds are valid and legally binding obligations of the County of Hawaii; that interest and principal pay- ments of said bonds shall be a first charge on the general revenues of the County of Hawaii; and that said County has power and is obli- gated to levy ad valorem taxes for the payment of said bonds and the interest thereon upon the property within said County, subject to taxation by said County within the limits prescribed by law. Said opinion shall also state that the interest on these bonds is exempt from taxation by the United States of America under the Constitution of the United States as now in force, unless such tax is consented to by the State of Hawaii, and that such interest is exempt from taxation under the existing Acts of Congress and that under the laws of the State of Hawaii said bonds are exempt from any and all taxes whatsoever within said State. The purchaser will also be furnished with the usual closing documents, including a certificate that no litigation is pending or threatened affecting the issuance of the bonds. No specific bid form is required, although bid forms will be furnished upon request. Each bidder must specify in his bid the amount and maturities of each rate. Not more than three rates of interest may be named for the bonds, which rates shall be specified in a multiple of one-eighth or one-tenth of one per cent. Each rate named must be for consecutive maturities, and no rate named may be repeated. All bonds maturing on the same date must bear interest at the same rate. No proposal will be considered which specifies split or supplemental interest coupons. The bonds will be awarded to the highest responsible bidder or bidders offering such rate or -2- rates of interest as will produce the lowest interest cost to the County of Hawaii over the life of the bonds, after deducting any premium offered. The phrase "life of the bonds" shall be deemed to mean the period the bonds will be outstanding from the date thereof to their respective maturity dates, and the term "interest cost" shall be deemed to mean the aggregate of the interest payable on all the bonds over the life of the bonds as abovedefined. Each bid must be accompanied by a certified or cashier's check upon a solvent bank or trust company payable to the order of the Treasurer of the County of Hawaii in the amount of two per cent of the par value of the bonds. Checks of unsuccessful bidders will be returned by mail after the award of the bonds. Check of the successful bidder will be deposited to the credit of the County of Hawaii and applied to the purchase price of the bonds. The failure to make payment of the balance of such purchase price will forfeit all right to the bonds, and the proceeds of the check accompanying the bid will be retained as liquidated damages. No bid will be accepted for less than the entire issue or for less than the par value of the bonds, and the right is reserved to reject any and all bids or to waive irregularities in any of the bids. The Board of Supervisors of the County of Hawaii will meet at the time set for the reception of bids to consider all bids received, and if any of said bids be accepted, to make a prompt award of the bonds. Delivery of the fully executed bonds will be made in New York, New York, at the expense of the County of Hawaii on July 1, 1963 or as shortly thereafter as possible, or elsewhere at the expense of the purchaser. An Official Statement containing information as to debt and tax collections and bid forms may be secured from Messrs. Wood, King, Dawson & Logan, 48 Wall Street, New York 5, N. Y., or at the office of the Treasurer, County of Hawaii, Hilo, Hawaii. :/ DICK T. TANABE Treasurer, County of Hawaii May 24, 1963 :' ` .. Na =3—