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HomeMy WebLinkAboutRES 118 Draft 01 1972-1976FIRST DRAFT County of Hawaii—State of iIawaii Resolution No. AUTHORIZING THE ISSUANCE AND SALE OF�1,,245.000-00 PAR VALUE IMPROVEMENT DISTRICT BONDS FOR I IMPROVEMENT DIS- TRICT NO. 15 - WILDER ROAD IMPROVEMENT.111 KAUMANA5 COUNTY OF HAWAII., AND PROVIDING FOR RECEIPT OF TENDERS FOR PURCHASE OF SAID 'BONDS UNTIL 10:00 A.M.5 OCTOBER 5 5 1973. WHEREAS, by Ordinance No. 606 of the County of Hawaii, special assessments were fixed and levied against the several properties situated in and comprising "Improvement District No, 15 Wilder Road Improvement," Kaumana, County of Hawaii; WHEREAS, the total amount assessed was $1,245,000-00, which amount is required to meet the cost of the proposed im- provements; WHEREAS., said assessments may be paid on or before October 2, 19735 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII, STATE OF HAWAII: 1, That Improvement District Bonds for "Improvement Dis- trict No. 15 - Wilder Road Improvement," Kaumana, County of. Hawaii, amounting to $1,245,000,00 (less the total amount of assessments paid on or before October 2. 19735 if any) be and the same are hereby authorized for issuance, and that the officials designated by law including the Director of Finance are hereby di- rected to execute and issue such bonds., as provided by the Charter of the County of Hawaii and Ordinance No. 350 of the County of Hawaii, as amended. 2. That the bonds of this issue shall be dated October 15, 1973, shall be coupon bonds,, shall be without privilege of reg- istration, shall be numbered consecutively, and shall bear a interest at the rate of not to exceed eight percent (8%) per annum payable semiannually on April 15 and October 15; that the bonds will continue to bear interest after maturity at the rate stated therein, provided that they are presented at maturity and payment thereof is refused upon the sole ground that there is not sufficient moneys in the redemption fund with which to pay same, and if they are not presented at maturity interest there- on will run only until maturity; that the denominations of said bonds with their respective numbers and dates of maturity shall be as shown on Exhibit A hereto attached and made a part hereof by reference (except that in the event any of said assessments are paid on or before October 2, 1973, then Bond No. 1 shall be, if necessary, of the denomination of the number of dollars and cents by which the amount of the assessments for the cost of the improvements less the amount of assessments so paid is greater than an amount evenly divisible by $1,000, and an amount equal to the amount of assessments so paid less the amount of Bond No. 1 shall be deleted from Exhibit A at the rate of $1,000 per year commencing with the year 1974 and continuing so long as necessary through the year 1988 and thereafter repeating 1974 through 1988, and with the bond numbers adjusted to reflect such deletions); that on or after October 15, 1974, all of said bonds except those maturing on October 15, 1974, shall be sub- ject to redemption before maturity at a premium of four percent (4%) of the face amount of the bond, whenever sufficient funds -2- RESOLUTION 2- RESOLUTION NO, are available,* that said bonds and interest coupons thereof shall be printed or lithographed,.,, and shall contain the pro- visions substantially set forth herein., and shall be issued in substantially the following form: NO * UNITED STATES OF AMERICA STATE OF HAWAII IMPROVEMENT DISTRICT BOND OF THE COUNTY OF HAWAII IMPROVEMENT DISTRICT NO, 15 WILDER ROAD IMPROVEMENT KAUMANA, COUNTY OF HAWAII TOTAL ISSUE $ KNOW ALL MEN BY THESE PRESENTS: That.,, subject to the provisions of Ordinance No, 350 of the County of Hawaii, as amended,, and pursuant to proceedings of the Council of the County of Hawaii duly taken thereunder: THE COUNTY OF HAWAII, State of Hawaii., for value received., hereby promises to pay, the bearer hereof out of the funds here- inafter specified, the sum of DOLLARS ($ ) on the 15th day of October, lg_, together with interest thereon from date hereof at the rate of percent ( %) per annum, payable semiannually on the 15th day of April and the 15th day of October., upon presentation and surrender of the interest coupons attached hereto as they severally become due, both principal and interest of this bond being payable at the principal office of the Bank of RESOLUTION NO, America National Trust and Savings Association,,, San Francisco, California, Paying Agent for this bond. 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 OF HAWAII reserves the right to redeem bonds maturing on or after October 15, 1975, on or after the 15th day of October, 1974, as provided in said Ordinance No. 350, as amended; a premium of four percent (4%) of the face amount of the bond shall be payable upon such redemption. This bond is payable exclusively out of (1) the money to be collected or paid on account of the assessments unpaid as of the 2nd day of October.,, 1973, being a total sum of $ bearing interest at percent t %) per annum, as pre- scribed by Ordinance No. 606 of said County of Hawaii,, which assessments were levied against property within "Improvement District No. 15 - Wilder Road Improvement," Kaumana, County of Hawaii,, in said County of Hawaii, which unpaid assessments are payable in fifteen annual installments, the principal amounts of which correspond each year with the principal amount of bonds of this issue which mature in such year, together with interest at percent %) per annum, from September 2,, 1973, and which assessments are severally a lien upon the several properties assessed to the extent of the amount of the unpaid assessments thereon,., respectively, which lien has priority over all other liens except the lien of property taxes, with which tax lien said lien is on a parity; and (2) the money to be placed in a reserve fund, in the initial sum of $'T4,700.00 pursuant to Resolution No. (1973) of said Council and section 5.2.1 of said Ordinance No. 350, as amended, -4- RESOLUTION NO, THE COUNTY OF HAWAII hereby promises, for valuable con- sideration 1 ,, to cause said unpaid assessments to be collected or paid and kept in the Improvement District Bond and Interest Re- demption 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 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, condi- tions and proceedings essential to the validity of this bond and required by said Ordinance No. 350, as amended, to be done pre- cedent thereto and in the issuing of this bond, exist, have duly happened and have been performed 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, and to bear the lithographed or engraved facsimile signatures of the Chair- man of this Council and its Clerk and sealed, with the Corporate Seal of the County of Hawaii, and the interest coupons hereto attached to bear the lithographed or engraved facsimile signature of its Director of Finance, as of the 15th day of October, 1973. ATTESTED: Its ClerR (SEAL) M COUNTY OF HAWAII By Chairman of Council By Its Director of Finance RESOLUTION NO, 0 (FORM OF COUPON) The County of Hawaii,, State of Hawaii will On 19 pay the bearer hereof at the principal office of Bank of America National Trust $ and Savings Association.,, San Francisco, California, Paying Agent for this coupon, C-1) the sum shown hereon,, being semiannual interest then due on its Improvement District Bond issued for IMPROVEMENT DISTRICT NO, 15 - WILDER ROAD IMPROVEMENT, KAUMANA, COUNTY OF HAWAII, dated as of BOND NO. October 15, 1973, Coupon No. STANLEY Aa NAKAMAE Director of Finance 3. That the principal and interest of said bonds shall be payable at the principal office of Bank of America National Trust and Savings Association, San Francisco, California, Paying Agent for this issue of bonds., solely and exclusively out of the Im- provement District Bond and Interest Redemption Fund from all moneys collected on account of assessments and interest due for "Improvement District No. 15 - Wilder Road Improvement," Kaumana, County of Hawaii,,, which shall be designated in the bonds issued liereunder., and the money to be placed in a reserve fund, in the initial sum of $74,700,00, pursuant to section 5.2.1 of said Ordinance No, 3503, as amended; and that moneys in said reserve fund shall be used to pay the principal or interest or both,, in whole or in. part., on the last outstanding maturity or maturities of said bonds and assessment installments or such portions thereof which would otherwise be collected to make such payment shall be cancelled,, provided that in making such use of the reserve fund _h_ RESOLUTION NO, the Director of Finance shall (a) apportion to assessments paid during the original thirty -day period or paid in advance,, pursuant to sections 4.3 and 4.7.,, respectively., of said Ordinance No, 350, as amended, if any., their respective proportionate shares of said moneys, and (b) make provisions for expected delinquencies in payment of any portions of assessment installments which will not be cancelled by such use of said reserve fund, and provided fur- ther that insofar as said moneys are attributable to fully paid assessments rather than to cancellation of installments or portions thereof, same shall be paid to the respective parties who paid such assessments or the last payment thereon, as the case may be, 4. That with respect to call and redemption before matur- ity of any of said bonds moneys in said reserve fund shall not be deemed available therefor (except for the sole purpose of de- termining whether there are sufficient funds in the hands of the Director of Finance to make the next interest payment on the unpaid balance of said bonds), so that such call and redemption shall be made only from funds in the hands of the Director of Finance by reason of advance payment of assessment installments pursuant to section 4.7 of said Ordinance No. 350, as amended; and that in the event of such call and redemption the Director of Finance shall promptly mail, air mail postage prepaid to the ori- ginal purchaser of said bonds, at his last known address, a true copy of the notice published pursuant to section 5.5 of said Ordinance No, 350, as amended, 5. That the Director of Finance of the County of Hawaii is hereby authorized and directed to procure the printing or litho- graphing of the necessary bonds authorized herein, substantially -7- RESOLUTION NO, 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 Divi- sion, Department of Finance, County of Hawaii, at Hilo, Hawaii, up to 10:00 a.m., on October 5 _9 1973. 6. That the legal opinion of Wilson, Jones, Morton Sc Lynch, San Mateo, California., approving the validity of said bonds will be furnished to the successful bidder without charge, 7. 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 shall be for not less than all of the bonds offered; (2) Bids for less than par will not be considered unless a full interest rate of eight percent (8%) is quoted for all of the bonds of each maturity; (3) Bidders shall specify the rate of interest which the bonds hereby offered for sale shall bear,, and will be permitted to bid different rates of interest for different maturities of said bonds al (the interest rates stated in the bid may be in mul- tiples of any fraction of 1% per annum); (4) The bonds will be awarded to the highest and best bidder considering the interest rate or rates specified and the premium or discount offered, if any; the highest bid will be de- termined by deducting the amount of the premium bid from, or, adding the discount to, the total amount of interest which the County would be required to pay from the date of said bonds to • RESOLUTION NO, 0 the respective maturity dates at the coupon rate or rates speci- fied in the bid., and the award will be made on the basis of the lowest net interest cost to the County (the lowest net interest cost shall be computed between the dates aforesaid according to 30 -day month, standard four -decimal bond. interest tables), (5) The Council reserves the right in its discretion,, to reject any or all bids and to waive any irregularity or infor- mality in any bid; (6) Bids must be unconditional and shall be made accord- ing to the form of proposal prepared by the Director of Finance,, County of Hawaii; (7) All bids shall be accompanied by a deposit of certi- fied 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 bonds bid for., payable to the Director of Finance, County of Hawaii, provided that when the par value of the bonds bid for exceeds $1,000,,000.00, the certified check or cashier's check shall be for $50,000.00 Plus 1% 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; and 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 bonds awarded, the deposit shall be forfeited to the County of Hawaii to be cashed by its Director of Finance and deposited in the special fund for said improvement district, (8) The Council will take action authorizing and directing the Director of Finance to accept the highest and best bid., or M RESOLUTION NO, ki rejecting all bids., not later than at its next regular meeting following receipt of the tenders, provided that it may take such action thereafter if the successful bidder shall not have given the Council notice in writing of the withdrawal of such bid, (9) The successful bidder to whom bonds are awarded shall pay to the Director of Finance of the County of Hawaii, in addi- tion 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,, provided that the bonds are tendered for delivery on their date, and if not so tendered then from the date of their tender to the date of payment; and payment for the bonds must be made by federal funds or by other immediately available funds val (any expense of making funds immediately avail- able must be borne by the purchaser), (10) Delivery of the fully executed bonds will be made in Hilo, 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; the successful bidder shall have the right, at his option, to cancel the contract of purchase if the County shall fail to execute the bonds and tender them for delivery within 60 days from date of sale; and in the event that prior to the delivery of the bonds the income received by private holders from bonds of the same type and character shall be de- clared to be taxable under any Federal Income Tax laws, either by the terms of such laws or by a ruling of a Federal Income Tax authority or official which is followed by the Internal Revenue Service, or by decision of any federal court, the successful bidder may, at his option, prior to the tender of the bonds by the County, be relieved of his obligations under the contract to purchase the bonds, _10 - RESOLUTION NO, 8. The County hereby covenants to the purchasers of the bonds, and their successors in interest, that it will make no use. of the proceeds of said bonds at any time during the term thereof which, if such use had been reasonably expected at the date the bonds were issued, would have caused them to be arbitrage bonds within the meaning of section 103(d) of the United States Internal Revenue Code of 1954 and the applicable regulations of the United States Treasury Department. Dated at Hilo, Hawaii, this day of 1973. INTRODUCED BY: COUNC Lm --N. COUNTY OF HAWAII COUNTY COUNCIL County of Hawaii Hilo, Hawaii 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: Tadashi Suzuki Herbert T. Matayoshi COUNTY CLERIC CHAIRMAN & PRESIDING OFFICER ROLL CALL VOTE AYES NOES A/E Carpenter De Luz Edwards Greenwell Hisaoka Souza Yadao Yamada Chr. Mata oshi Reference:............................................................... M.B. No................................................................ RESOLUTION NO ................................................ 'COUNTY OF HAWAII -- STATE OF HAWAII Wilder Road Improvement, Kaumana, County of Hawaii Improvement .District No. 15 BOND MATURITY SCHEDULE EXHIBIT A RESOLUTION NO. Annual Principal Year of Bond Nos. Denomination Amount Maturity 3 - 31 $1,000 $ 31,000 1974 32 - 62 15000 315000 1975 63 - 93 15000 315000 1976 94 - 1.89 15000 96,000 1977 190 - 285 11000 96,000 1978 286 - 381 15000 96,000 1979 382 - 477 15000 96,000 198o 478 - 573 l,o00 96,000 1981 574 - 669 1,000 96,000 1982 670 - 765 1,000 96,000 1983 766 - 861 1,000 96,000 1984 862 - 957 1,000 96,000 1985 958 -1053 14000 96, oo0 1986 1054 -1149 1,000 96,000 1987 1150 -1245 1,000 96,000 1988 Total $1,245,000 EXHIBIT A RESOLUTION NO.