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;M<Y OF M,Y <br /> COUNTY OF HAWAII STATE OF HAWAII <br /> -`_'....:-'ooh i•�. <br /> . Ir M•r.. r <br /> BILL NO. 77 <br /> ORDINANCE NO. <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS <br /> OF THE COUNTY OF HAWAII IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO <br /> EXCEED$2,437,000 FOR THE PURPOSE OF FINANCING A PORTION OF THE COSTS <br /> OF CONSTRUCTING A PUBLIC SEWER SYSTEM SERVING THE LONO KONA <br /> SUBDIVISION; FIXING THE FORM, DENOMINATION, AND CERTAIN DETAILS OF <br /> SUCH BONDS; PROVIDING FOR THE ISSUANCE AND SALE OF SUCH BONDS; AND <br /> PROVIDING FOR OTHER MATTERS OR ACTIONS PERTAINING TO THE ISSUANCE <br /> AND SALE OF THE BONDS. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Findings and Determinations. It is hereby found and determined that: <br /> A. Pursuant to Chapter 12, Hawai`i County Code 1983 (2005 Edition, as amended) (the <br /> "Hawai`i County Code), and Resolution Nos. 264-14, 519-14 and 72-15,the Council of the <br /> County of Hawai`i (the"County")has authorized the creation, definition and establishment <br /> of a Sewer System Improvement District (the "Improvement District") for the purpose of <br /> undertaking and financing the costs of a project consisting of the construction, acquisition <br /> and installation of a public water system to serve the Lono Kona Subdivision(the"Project"). <br /> B. In order to assist in the financing of the Project,the United States of America,acting through <br /> the Department of Agriculture,Rural Utilities Service("USDA")has offered to make a loan <br /> to the County (the "USDA Loan") in a principal amount not to exceed Two Million Four <br /> Hundred Thirty-Seven Thousand and No/100 Dollars($2,437,000)and bearing interest at a <br /> rate not to exceed Two and One-Eighth Percent(2'/s%)per annum.USDA has also offered <br /> to make a grant to the County (the "USDA Grant") to provide further assistance for the <br /> Project in an amount not to exceed Four Million Twenty Four Thousand Eight Hundred and <br /> No/100 Dollars ($4,024,800). <br /> C. It is advisable and desirable for the County to obtain the USDA Loan. In order to secure the <br /> payment of the USDA Loan, it is necessary, advisable and desirable that the County <br /> authorize, issue and sell to USDA general obligation bonds of the County in a principal <br /> amount equal to the principal amount of the USDA Loan. <br />