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HomeMy WebLinkAboutRES 467 Draft 01 1972-1976 County of Hawaii-State of Hawaii Resolution No. 4037 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION BOND ANTICIPATION NOTES OF THE COUNTY OF HAWAII IN AN AMOUNT NOT TO EXCEED $10, 000,000 AS AUTHORIZED BY ORDINANCE NO. 139 OF THE COUNCIL OF THE COUNTY OF HAWAII ADOPTED ON AUGUST 20, 1975, IN ANTICIPATION OF THE ISSUANCE AND SALE OF GENERAL OBLIGA- TION BONDS OF THE COUNTY OF HAWAII AUTHORIZED BY SAID ORDINANCE NO. 139. WHEREAS, Ordinance No. 139, adopted by the Council of the County of Hawaii on August 20, 1975, authorized the issuance and sale of $10,000,000 principal amount of general obligation bonds of the County of Hawaii, none of which bonds have been issued and sold; and WHEREAS, said Ordinance No. 139 also authorized the issuance and sale of general obligation bond anticipation notes in anti- cipation of the issuance and sale of the general obligation bonds authorized therein, none of which notes have been issued and sold; and WHEREAS, the Council of the County of Hawaii deems it advisable and in the best interest of the County of Hawaii to issue from time to time general obligation bond anticipation notes of the County authorized by Ordinance No. 139 in a principal amount not to exceed $10,000,000 in anticipation of the issuance and sale of the bonds authorized by said Ordinance No. 139; NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII, STATE OF HAWAII: SECTION 1. The Director of Finance of the County of Hawaii is hereby authorized to sell at public or private sale, and to provide for the issuance of, general obligation bond anticipation notes of the County of Hawaii in a principal amount not to exceed $10, 000, 000. Such notes may be sold at one time or from time to time in part, as shall be determined by the Director of Finance. SECTION 2. Said general obligation bond anticipation notes shall be executed by the manual signatures of the Mayor and Director of Finance of the County of Hawaii. The issuance and sale of said general obligation bond anticipation notes shall, in all respects, be governed by the provisions of Section 47-2. 2, Hawaii Revised Statutes, as amended. The Director of Finance, without further authorization by this Council, but in accordance with and subject to the provisions of Section 47-2. 2, Hawaii Revised Statutes, as amended, and this resolution, is hereby authorized to determine and fix: the form of said notes; the designation, if any, of said notes; the date or dates of said notes; the rate or rates of interest per annum said notes shall bear, not to exceed eight per centum (8%) per annum; the interest payment date or dates of said notes; the maturity date or dates of said notes; the place or places of payment of said notes, if any, in addition to the office of the Director of Finance; whether or not the notes shall be subject to redemption prior to the stated maturity and if subject to such prior redemption the provisions for such prior redemption and the premiums, if any, payable upon such redemption and the respective periods in which such premiums are payable; and whether or not said notes shall be registrable as to principal only or as to both principal and interest, and if registrable the place of such registration and registrar therefor. The Director of Finance shall upon the issuance and sale of all or any portion of said notes file a report as to the results of such sale with this Council. SECTION 3. The full faith and credit of the County of Hawaii are hereby pledged to the payment of the principal of and interest on the notes. The interest on the notes shall be paid from the -2- RESOLUTION NO. general fund of the County of Hawaii and the principal thereof shall be paid from the proceeds of the sale of the bonds in anticipation of which the notes have been issued or from any money in the general fund available therefor. SECTION 4. This resolution shall take effect immediately. INTRODUCED BY Air,/ dd;d04.1....) COU CIL MEMBER, COUNTY OF HAWAII COUNTY COUNCIL ROLL CALL VOTE AYES• NOES A/E County of Hawaii Carpenter Hilo, Hawaii De Luz I hereby certify that the foregoing RESOLUTION was by the vote indicated to Fula the right hereof adopted by the COUNCIL of the County of Hawaii on. Hisaoka Kawahara Lai Levin ATTEST: Yadao Yamada Reference: C-1406 .2/FC— Ted 1406 '2/FC—Ted T. Suzuki Robert M. Yamada COUNTY CLERK CHAIRMAN & PRESIDING OFFICER M.B. No. 467 RESOLUTION NO. HPL