HomeMy WebLinkAboutBIL 157 Draft 01 2014-2016M<Y oe yam,
COUNTY OF HAWAII • STATE OF HAWAPI
BILL NO. 157
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE MAYOR OF THE COUNTY OF
HAWAI9 TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT FOR
A STATE WATER POLLUTION CONTROL REVOLVING FUND LOAN FOR
SOLID WASTE PUBLIC IMPROVEMENT PROJECTS; AND AUTHORIZING
THE ISSUANCE OF $6,000,000 GENERAL OBLIGATION BONDS OF THE
COUNTY OF HAWAI9 FOR THE PURPOSE OF FINANCING QUALIFIED
SOLID WASTE PUBLIC IMPROVEMENTS OF THE COUNTY OF HAWAI9
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Request for Loan. The County of Hawai'i, pursuant to Section 342D-
54, Hawaii Revised Statutes, will be submitting an application for a State Water Pollution
Control Revolving Fund Loan (SRF Loan) to the Director of the Department of Health,
State of Hawai'i, to finance the construction of the solid waste project listed in "Exhibit A".
Under the terms and conditions anticipated with regard to such SRF loan, the
County shall repay, over a term of twenty years, the principal amount, which shall not
exceed $6,000,000, at a fixed rate of interest which shall not exceed the Bond Buyer's
20 -year general obligation bond issue.
SECTION 2. Authorization of Mayor. The Council hereby authorizes the Mayor to
execute all necessary intergovernmental agreements and documents between the State
of Hawai'i and the County of Hawai'i, relating to the SRF to finance the construction of the
solid waste project listed in "Exhibit A".
SECTION 3. Pledge of the County's full faith and credit. The County also pledges
its full faith and credit including but not limited to the County's general taxing power, as
security for repayment of the loan, payment of interest, payment of any loan fees, and
including a covenant to exercise the County's authority as needed. The principal and
interest payments, and any loan fee payments, shall be a first charge on the General
Fund of the County.
SECTION 4. Effective Date. This Ordinance shall take effect upon its approval.
Introduced By:
COUNCIL MEMBER, COUNTY OF HAWAI'I
, Hawai'i
Date of Introduction:
Date of 15' Reading:
Date of 2"d Reading:
Effective Date:
REFERENCE Comm. 712
EXHIBIT A
SOLID WASTE PUBLIC IMPROVEMENT PROJECTS (SRF FUNDED)
Proiect Amount
Department of Environmental Management:
Kealakehe Scrap Metal Yard Remediation $6,000,000