HomeMy WebLinkAboutResolution No. 2012-35COUNTY COUNCIL COUNTY OF KAUA`I i1RJotutton No . =01= -3=RESOLUTION APPROVING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS TO REFUND ALL OR A PORTION OF THE OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2005A,PREVIOUSLY ISSUED BY THE COUNTY OF KAUAI WHEREAS, pursuant to Ordinance No. 891 (the "Bond Ordinance "), as adopted by the Council of the County of Kaua`i (the "County ") on February 17, 2010 and approved by the Mayor of the County on February 18, 2010, the County has authorized the issuance of general obligation refunding bonds ( "Refunding Bonds ")from time to time for the purpose of refunding outstanding general obligation bonds previously issued by the County, as determined by the Director of Finance of the County to be in the best interest of the County; and WHEREAS, such authorization is subject to the condition that any issuance of Refunding Bonds shall result in debt service savings with a present value not less than two percent (2 %) of the callable par amount of the bonds to be refunded; and WHEREAS, the County has heretofore issued $50,230,000 aggregate principal amount of its General Obligation Bonds, Series 2005A (the "2005A Bonds "), of which $44,385,000 are currently outstanding; and WHEREAS, the Director of Finance of the County has advised, based on current market conditions, that a refunding of all or a portion of the refundable 2005A Bonds would be expected to produce debt service savings in excess of the threshold required by the Bond Ordinance; and WHEREAS, the Council of the County intends hereby to approve the issuance of Refunding Bonds for the purpose of refunding all or a portion of the outstanding 2005A Bonds; now, therefore,BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF KAUAI,STATE OF HAWAII, that the issuance and sale of up to $51,370,000 aggregate principal amount of Refunding Bonds to refund all or a portion of the 2005A Bonds is hereby approved, such Refunding Bonds to be issued and sold in one or more series, at such time or times and upon such terms as the Director of Finance may determine to be in the best interest of the County; provided, however, that such refunding shall produce debt service savings with a net present value not less than two percent (2 %) of the callable par amount of the 2005A Bonds to be refunded as required by the Bond Ordinance.
BE IT FURTHER RESOLVED that copies of this resolution be transmitted to the Director of Finance of the County.V: \CS OFFICE FILES \RESOLUTIONS \2010 -2012 term \Bond Reso.doc /ss INTRODUCED BY:C' °ejr^'• of Ba ^G IN ce.ti,h ,Y „y gta„,E,,,IA, ,, Oz . 2012 -3 .d,,Y April 25, 2012.Via April 26, 2012 2 ale Mitt xc LCUMa ocusi 9c 9z Gbaunw.,9e a 6 1 BE IT FURTHER RESOLVED that copies of this resolution be transmitted to the Director of Finance of the County.V: \CS OFFICE FILES \RESOLUTIONS \2010 -2012 term \Bond Reso.doc /ss INTRODUCED BY:C' °ejr^'• of Ba ^G IN ce.ti,h ,Y „y gta„,E,,,IA, ,, Oz . 2012 -3 .d,,Y April 25, 2012.Via April 26, 2012 2