HomeMy WebLinkAboutRES 224 Draft 01 1976-1980 County of Hawaii—State of Hawaii
• 224
Resolution No.
WHEREAS, there are outstanding improvement district
bonds for Improvement District No. 11 (Discovery Harbor) ;
and
WHEREAS, a substantial number of installment payments
due on lots within Improvement District No. 11 are delinquent;
and
WHEREAS, the County Council conducted a public hearing on
June 1, 1977, on the subject of the sufficiency of funds to
satisfy claims of Improvement District No. 11 bondholders; and
WHEREAS, the County Council has received a report from
the Finance Director of the County of Hawaii that there does
not exist in the special fund of the improvement district or
the reserve fund of the improvement district an amount
sufficient to redeem those bonds which matured on May 1,
1977; and
WHEREAS, there does not now appear to be forthcoming
sufficient funds to allow both redemption of matured bonds
and payment of accrued interest; and
WHEREAS, the bondholders of Improvement District No. 11
are entitled to be paid such amounts as are available for
Improvement District No. 11;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
COUNTY OF HAWAII as follows :
The Council finds that it appears probable at this
time that there will be insufficient money in the
Improvement District No. 11 funds to pay all principal
and interest due in the years 1977 and following; and
The Council directs that so long as sufficient
money remains in the funds to pay interest due and payable
on the bonds, such interest will be paid;
The Council further directs that if and when there
are insufficient moneys to pay in full the interest due
and payable, the moneys available shall be paid on a pro
rata basis to all holders of outstanding bonds;
The Council further directs that if and when there are
sufficient moneys available to pay all interest and
principal due and payable on outstanding bonds, the
Council shall consider at that time whether it appears
probable that there will be sufficient money in the
Improvement District No. 11 funds to pay all principal
and interest that would thereafter become due.
The Director of Finance is to create and administer
a procedure to ensure that the bondholders are paid in
accordance with this resolution; the Director of Finance
is also to submit a report to the Finance Committee
whenever sufficient moneys are available to pay all
interest and principal due and payable on the outstanding
bonds.
Dated at Hilo, Hawaii, this 18th day of March
1978.
INTRODUCED BY:
se
_________
COU CIL M , C! TY OF HAWAII
ROLL CALL VOTE
COUNTY COUNCIL _
AYES NOES A/E
County of Hawaii Dahlberg X
Hilo, Hawaii Domingo X
I hereby certify that the foregoing RESOLUTION was by the vote indicated to Fujii X
the right hereof adopted by the COUNCIL of the County of Hawaii on. Garcia X
Kawahara X
March 18, 1978 Lai x
Sameshima X
ATTEST: ITajiri X
Chr.Yamashiro X
6 2 1
�� 412el` Reference: C-40 7. 55/FC-29
FI,B. LEGAS gfE6 -PHEN K. ASHIRO
COUNTY CLERK Chairman&Presiding Officer M.B. No. f 7" '��
/-786
224
RESOLUTION NO.