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COUNTY OF HAWAIII <br />STATE OF HAWAIII <br />ORDINANCE NO. <br />BILL NO. 58 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF <br />THE COUNTY OF HAWAPI FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE <br />COSTS OF VARIOUS IMPROVEMENT PROJECTS; FIXING THE FORM, DENOMINATIONS, <br />AND CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO <br />THE PUBLIC; AND AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE <br />ISSUANCE AND SALE OF THE BONDS. <br />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAPI: <br />SECTION 1. Findings and Determinations. The County Council hereby determines <br />sale and delivery of general obligation bonds of the County in an aggregate principal amount not to exceed <br />$99,750,000 (the "Bonds") for the purpose of funding all or a portion of the costs of the County Projects <br />referred to in Section 2 hereof. <br />SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in <br />one or more series, Bonds of the County, in an aggregate principal amount not to exceed $99,750,000, for the <br />purpose of funding all or a portion of the costs (including costs of issuance of the Bonds) of public <br />improvement projects of the County (collectively, the "Projects") authorized under Ordinance No. 14-82, being <br />the capital budget ordinance of the County for the fiscal year ending June 30, 2015, as heretofore or hereafter <br />amended from time to time, or under the capital budget ordinance of the County for any prior or subsequent <br />fiscal year. <br />SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale hereunder shall <br />be issued and sold in one or more or as part of a series of other general obligation bonds of the County, all as <br />shall be determined by the Director of Finance to be in the best interest of the County. The Bonds of a series <br />shall be issued in fully registered form without coupons in the denomination of $5,000 or any integral multiple <br />of $5,000, or in such other denominations as the Director of Finance shall determine. The Bonds of a series <br />shall be numbered from 1 upwards in chronological order of delivery or shall be numbered in any other manner <br />as the Director of Finance shall determine. The Bonds of a series shall mature annually on such day in each <br />