HomeMy WebLinkAboutRES 292 Draft 01 1972-1976County of Hawaii—State of Hawaii
Resolution No. 292
A RESOLUTION RATIFYING, VALIDATING, CONFIRMING
AND APPROVING CERTAIN DETAILS OF $5,000,000
GENERAL OBLIGATION BONDS OF THE COUNTY OF
HAWAII AUTHORIZED BY ORDINANCE NO. 51 ADOPTED
AUGUST 21, 1974.
WHEREAS, on August 21, 1974 the Council of the County
of Hawaii adopted Ordinance No. 51 authorizing the issuance of
$5,000,000 general obligation bonds of the County of Hawaii for
the purpose of financing various public improvements of the
County and providing for the sale of said bonds;
WHEREAS, Ordinance No. 51 provides that the Director
of Finance is authorized to determine certain details of said
bonds subject to the ratification of such details by this
council;
WHEREAS, the Director of Finance of the County of
Hawaii has determined the details of said bonds and proposes
to offer sale on said bonds on October 31, 1974; now therefore,
BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. The general obligation bonds authorized
for issuance and sale in Ordinance No. 51 adopted by the
Council on August 21, 1974 shall be designated "Public Improve-
ment Bonds, 1974 Series B" (hereinafter referred to the
"Bonds"). The Bonds shall be dated November 1, 1974; shall be
issued in bearer form with coupons attached and without privilege
of registration; shall be of the denomination of $5,000; shall
be numbered from 1 to 1000, inclusive, in order of maturity;
and shall mature serially in numerical order in the principal
amount of $280,000 on November 1 in each of the years 1977 to
1986, inclusive, and in the principal amount of $275,000 on
November 1 in each of the years 1987 and 1994, inclusive.
Interest on the Bonds will be payable semi-annually on May 1
and November 1 in each year, commencing May 1, 1975. Both the
principal of and interest on the Bonds will be payable at the
office of the Director of Finance of the County of Hawaii, in
Hilo, Hawaii, or at the option of the holder, at the principal
office of Chemical Bank in New York, New York, or at the
principal office of Crocker National Bank in San Francisco,
California.
The Bonds maturing on November 1, 1985 and thereafter
shall be subject to redemption at the option of the County of
Hawaii on and after November 1, 1984, in whole at any time, or
in part from time to time on any interest payment date in
inverse order of maturities and by lot with a maturity, at the
principal amount thereof, the interest accrued to the redemption
date and the following redemption premiums: 3% if redeemed
November 1, 1984 or thereafter to and including October 31, 1986;
2% if redeemed thereafter to and including October 31, 1988;
1% if redeemed thereafter to and including October 31, 1990;
and no premium if redeemed thereafter. At least thirty days'
notice of redemption will be published in The Daily Bond Buyer
or other financial paper published in either of the cities of
New York, New York or San Francisco, California.
SECTION 2. The details of the Bonds as determined
by the Director of Finance of the County of Hawaii and as set
forth in Section 1 hereof are hereby ratified, validated,
confirmed and approved.
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RESOLUTION No. 292
SECTION 3. This resolution shall take effect upon
its adoption.
INTRODUCED BY
1
Councilman, County of Hawaii
COUNTY COUNCIL
County of Hawaii
Hilo, Hawaii
hereby certify that the foregoing RESOLUTION wag by the vote indicated to
the right hereof adopted by the COUNCIL of the County of Hawaii on.
October 23, 1974
ATTEST:
Ted Tadashi Suzuki
Robert M. Yam a
COUNTY CLERK CHAIRMAN & PR I ANG OFFICER
ROLL CALL VOTE
Yadao x
Chr. Yamada ix
Reference: C-548.4................................
7
M.B. No. -.....5......................................................
RESOLUTION NO......9...----------------------------------
HPL
AYES NOES A/E
Carpenter
AB
De Luz
x
Farias
x
Fujii
x
Hisaoka
x
Kawahara
Ab
Yadao x
Chr. Yamada ix
Reference: C-548.4................................
7
M.B. No. -.....5......................................................
RESOLUTION NO......9...----------------------------------
HPL