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Home My WebLink AboutRES 411 Draft 01 1969-1972County of Hawaii—State of Hawaii Resolution No. 411 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $31,079.90 PAR VALUE 6% IMPROVEMENT DISTRICT BONDS FOR IMPROVEMENT DISTRICT NO. 8, LOT 718 SUBDIVISION ROAD OFF KOMOHANA STREET, HILO, HAWAII, SALE DATE NOVEMBER 30, 1971. WHEREAS, by Ordinance No. 424 of the County of Hawaii, special assessments were fixed against the several properties situate in and comprising Improvement District No. 8, Lot 718 Subdivision Road Off Komohana Street, Hilo, Hawaii, and the time for paying the said assessments or the first installment thereof did expire on October 8, 1971; and WHEREAS, all property owners or holders in said Improvement District have paid their assessments in full or elected to pay in installments with respect to each and every lot specially assessed for the cost of said improvements, leaving unpaid as of October 13, 1971, a balance of $31,251.46; and WHEREAS, of the above unpaid balance of $31,251.46, delin- quencies of the first installment now due and payable total $171.56, leaving unpaid a balance of $31,079.90, which amount is to be paid in not more than nineteen remaining installments together with interest; and WHEREAS, the unpaid balance of $315079.90 is now required to meet the cost of undertaking the said Improvement District; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII, STATE OF HAWAII: 1. That Improvement District Bonds for Improvement District No. 8, Lot 718 Subdivision Road Off Komohana Street, Hilo, Hawaii, amounting to $31,079.90 be and the same are hereby authorized for issuance, and that the officials designated by law are hereby directed to execute and issue such bonds as provided by Ordinance No. 350, as amended, and the Charter of the County of Hawaii. 2. That the bonds of this issue shall be dated December 15, 1971, and will be coupon bonds of the denomination of $1,000 each, except as to one bond which shall be of the denomination of $1,079.90, without privilege of registration, numbered consecutively 1 to 31, inclusive; that the said bonds shall bear interest at the rate of six per centum (6%) per annum payable semi-annually June 15 and December 15, and shall mature December 15, 1990; provided, that on or after December 15, 1972, the said bonds will be subject to redemption before maturity whenever sufELcient funds are available; that said bonds and interest coupons thereof shall be printed or lithographed, and when printed or lithographed, shall contain the provisions substantially set forth herein, and shall be issued in substantially the following form: $1,000 NO. UNITED STATES OF AMERICA STATE OF HAWAII IMPROVEMENT DISTRICT BOND OF THE COUNTY OF HAWAII IMPROVEMENT DISTRICT NO. 8 LOT 718 SUBDIVISION ROAD OFF KOMOHANA STREET HILO, HAWAII $1,000 TOTAL ISSUE $31,079.90 Payable December 15, 1990 Redeemable on and after December 15, 1972 KNOW ALL MEN BY THESE PRESENTS: That, subject to the provisions of Ordinance No. 350, as amended, and the Charter of the County of Hawaii and pursuant to the proceedings of the County Council duly taken thereunder; THE COUNTY OF HAWAII, State of Hawaii, for value received, hereby promises to pay the bearer out of the fund hereafter specified, the sum of ONE THOUSAND DOLLARS ($1,000) on the 15th -2- day of December, 1990, together with interest thereon at the rate of six per centum (6%) per annum, payable semi-annually on the 15th day of June and the 15th day of December, upon presentation and surrender of the interest coupons attached hereto as they severally become due, both principal and interest of this bond being payable out of the fund hereafter specified and at the office of the Director of Finance., County of Hawaii, at Hilo, Hawaii. The principal and interest of this bond are exempt from all state., county and municipal taxation in the State of Hawaii, except inheritance transfer and estate taxes. THE COUNTY F HAWAII reserves the right to redeem this bond on the 15th day of December 1972, and thereafter as provided by Ordinance No. 350, as amended, and the Charter of the County of Hawaii. This bond is payable exclusively out of the money to be collected or paid on account of the assessments unpaid as of the 13th day of October, 1971, being a total sum of $31,079.90 bearing interest at six per centum (6%) per annum as prescribed by Ordinance No. 424 of said County of Hawaii against property con- tained in Improvement District No. 85 Lot 718 Subdivision Road Off Komohana Street, Hilo, Hawaii, in said County of Hawaii, which unpaid assessments are payable in not more than nineteen equal installments with interest at six per centum (6%) per annum, from October 8,, 1972, and which assessments are severally a prior lien upon the several properties assessed to the extent of the amount of the unpaid assessments thereon. THE COUNTY OF HAWAII hereby promises, for valuable con- sideration, to cause said unpaid assessments to be collected or paid and kept in the Improvement District Bond and Interest Redemption Fund to be applied solely to the payment of interest and principal on the bonds issued for said Improvement District until fully paid, and will otherwise perform all its obligations i as required by law. THE COUNTY OF HAWAII does not otherwise guarantee the payment hereof. This bond is not a general debt of the County of Hawaii, nor based upon the credit of the public domain, nor chargeable against the general revenues of said County, nor has it been specifically authorized by the voters of said County as part of a general indebtedness. It is hereby certified and recited that all acts, conditions and proceedings essential to the validity of this bond and required by said Ordinance No. 350, as amended, and the Charter of the County of Hawaii to be done precedent thereto and in the issuing of this bond,, exist, have duly happened and have been per- formed in regular and due form as required by law. IN WITNESS WHEREOF, the said COUNTY OF HAWAII has caused this bond to be executed by its Director of Finance, to bear the signature of its Mayor and its Clerk and sealed with the Corporate Seal of the County of Hawaii, and the interest coupons hereto attached to bear the engraved facsimile signature of its Director of Finance, as of the 15th day of December,, 1971. ATTESTED: Its Clerk (SEAL) COUNTY OF HAWAII M M Its Director of Finance Its Mayor (FORM OF COUPON) The County of Hawaii, State of Hawaii ON JUNE 15 1972 will pay the bearer at the Office of the $30.00 Director of Finance, County of Hawaii, Hilo., Hawaii, out of the Improvement District Bond and Interest Redemption Fund., the sum shown hereon, being the semi-annual interest then due on its Improvement District Bond issued for IMPROVEMENT DISTRICT NO. 81 LOT 718 SUBDIVISION ROAD OFF KOMOHANA STREET, HILO, HAWAII., dated as of December 15, 1971. BOND NO. 2 STANLEY A. NAKAMAE Director of Finance 8 Coupon No. I 3. That the principal and interest of said bonds shall be payable at the Office of the Director of Finance, County of Hawaii, at Hilo, Hawaii, solely and exclusively out of the Improvement District Bond and Interest Redemption Fund from all moneys collected on account of assessments and interest due for Improvement District No. 8, Lot 718 Subdivision Road Off Komohana Street., Hilo., Hawaii., which shall be designated in the bonds issued hereunder. 4. That the Director of Finance of the County of Hawaii is hereby authorized and directed to procure the printing or lithographing of the necessary bonds authorized herein,, substan- tially according to the foregoing form hereby approved by the Council of the County of Hawaii; and that said Director of Finance is hereby further authorized and directed on behalf of the County of Hawaii to publish a notice of sale in a newspaper of general circulation published in the County of Hawaii, at least once a week for not less than two successive weeks, that tenders will be received for the purchase of said bonds at the Office of the Treasury Division, Department of Finance, County of Hawaii, at Hilo, Hawaii, up to 10:00 a.m., on November 305 1971. 5. That the conditions of sale of said bonds shall be as follows: (1) All bids shall state the price bid per $100.00 par value and the amount of bonds for which the bid is made; (2 ) On bids for the entire issue where award is made to the highest bidder, in the event of an award of the issue as a whole, the Council reserves the right to apportion the award among two or more equal bidders in the event no bid is the highest; (3) On bids for less than the entire issue, in the event ofaward of the issue in blocks less than the whole issue, the Council reserves the right to apportion the bonds to the highest bidders. No bidder shall specify any bond serial number as a condition to the bid. The Council shall determine the amount of bonds and the serial number of bonds to be awarded to the highest bidder or bidders based on any bid made; (4) The Council shall determine on the basis of the bids received whether the interest of the property owners within the Improvement District will be best served by selling the issue as a whole or in blocks less than the whole issue; (5) The Council reserves the right to reject any or all bids including bids based upon any term or terms other than those appearing herein; (6) Bids shall be made according to the form of proposal prepared by the Director of Finance, County of Hawaii; S Me (7) All bids shall be accompanied by a deposit of certified check or cashier's check drawn on a bank doing business within the State of Hawaii, for or in a sum equal to 5% of the par value of the maximum number of bonds bid for, payable at sight to the Director of Finance, County of Hawaii, provided that when the par value of the maximum number of bonds bid for exceeds $150001,000.00, the certified check or cashier's check shall be for $50,000.00 plus 2% of the amount in excess thereof. Check of the successful bidder will be applied toward payment for the purchase price of the bonds and accrued interest. Checks of all unsuccessful bidders will be returned immediately after the bid opening or as soon thereafter as the normal course of business allows. In the event that an award is made to any successful bidder and said bidder fails to pay the balance due in cash upon tender by said Director of Finance of the number of bonds awarded, the deposit shall be forfeited to the County of Hawaii to be cashed by its Director of Finance and deposited in the General Fund; (8) Each successful bidder to whom bonds are awarded shall pay to the Director of Finance of the County of Hawaii, in addition to the amount of his bid, a sum equal to the amount of interest accrued on the bonds awarded from their date to the date of payment for the bonds; (9) Delivery of the fully executed bonds will be made in Hilo or Honolulu, Hawaii, at the expense of the County of Hawaii, as soon as possible as the normal course of business allows, or elsewhere at the expense of the purchaser. In the event that prior to the delivery of any of the bonds to the successful bidders therefor, the interest on the said bonds shall become taxable by virtue of any change in the federal tax statutes or regulation, the successful bidder may, at his election, be re- lieved of his obligations to purchase said bonds. 1971. Dated at Hilo, Hawaii, this 2 0th day of nctcbPr , COUNTY COUNCIL County of Hawaii Hilo, Hawaii INTRODUCED BY: Ce�cPlnjffn, County of waii I hereby certify that the foregoing RESOLUTION was by the vote indicated to the right hereof adopted by the COUNCIL of the County of Hawaii on. ATTEST: vim.. Tadashi Suzuki COUNTY CLERK ...................0G ts.b er...2.0.,....1.9.7.1_.................. CHAIRMAN & PRESIDIN ROLL CALL VOTE AYES NOES A/E Carpenter De Luz x Edwards x Greenwell x Hisaoka x Souza x Yadao x Yamada x Chr. Mata oshi x 9 0 0 Reference: ..... C.—.12.8.3..-..3./.PWC- 6 6 ............................. M.B. No................................................................ RESOLUTION NO. ......�:1�