June r F3 atlmhu Gilt T 2C 19
Roolution
Preanteb by Hannibal Tavares
AUTHORIZING THE TREASURER OF THE COUNTY OF MAUI TERRITORY OF HAWAII TO ISSUE AND SELL BONDS OF THE SAID COUNTY OF MAUI OF THE PAR VALUE OF 870900000 FOR THE CONSTRUCTION OF NEW PUBLIC SCHOOL BUILDINGS IN THE SAID COUNTY OF MAUI
WHEREAS the legislature of the Territory of Hawaii by
Joint Resolution 20 Session Laws of Hawaii 1951 did expressly
empower and authorize the issuance and sale of bonds by the
County of Maui Territory of Hawaii in the sum of 150000000
if the limitations and requirements in the Hawaiian Organic Act
48 USCA Sec 562 and Chapter 117 of the Revised Laws of
Hawaii 1945 now being Chapter 139 of the Revised Laws of Hawaii
1955 concerning the total bonded indebtedness which may be in
curred by the said County at any time or in any one year shall be
waived as to such bonds by the Congress of the United States of
America and
WHEREAS under the provisions of said Joint Resolution 20
the proceeds from the sale of said bonds are authorized to be
expended for the purposes and in the amounts as follows
Construction of new public school buildings 1900000000
Flood control of Iao Stream 50000000
and
WHEREAS it is provided in said Joint Resolution 20 that
the same shall take effect immediately upon the enactment of
legislation by the Congress of the United States of America rati
fying the said Joint Resolution and authorizing such bond issue
notwithstanding the limitations of Section 55 of the said Hawaiian
Organic Act 48 USCA Sec 562 or any other law to the
contrary and WHEREAS subsequent to the passage of said Joint Resolu tion 20 by the legislature of the Territory of Hawaii and the approval thereof by the Governor of Hawaii the 82nd Congress of the United States of America at its 2nd Session did enact Public
Law 383 and Public Law 384 and the said Public Laws were approved by the President of the United States on the 9th day of June
1952 and
WHEREAS said Public Law 383 enables the legislature of the Territory of Hawaii to authorize the said County of Maui any provisions of the Hawaiian Organic Act or of any laws of the
Territory of Hawaii or of any act of the said Congress of the
United States of America to the contrary notwithstanding to issue general obligation bonds in the sum of 50000000 for the purpose of constructing flood control projects on the Iao Stream in the said County and the said Public Law did further ratify and confirm the portion of said Joint Resolution 20 pertaining to the issuance of public improvement bonds of the said County of
Maui for such purpose and
WHEREAS said Public Law 384 similarly enables the legis lature of the Territory of Hawaii to authorize the said County of Maui any provisions of the Hawaiian Organic Act or of any laws of the Territory of Hawaii or of any act of the said Congress of the United States of America to the contrary notwithstanding to issue general obligation bonds in the sum of 100000 for the purpose of constructing new public school buildings in the
said County and the said Public Law did further ratify and confirm
the portion of said Joint Resolution 20 pertaining to the issuance
of public improvement bonds of the said County of Maui for such purpose and
2 Refsolution Re JJ
WHEREAS each of said Public Laws 383 and 384 provides
that the bonds issued under authority thereof shall be serial
bonds maturing in substantially equal annual installments the
first installment to mature not later than five years from the
date of the issue of such series and the last installment not
later than thirty years from the date of such issue and each of
said Public Laws further provides that such bonds may be issued
without approval of the President of the United States and
WHEREAS under and by virtue of said Joint Resolution 20
Public Law 383 and the applicable provisions of Chapter 117 of the
Revised Laws of Hawaii 1945 the said County of Maui has hereto
fore issued Public Improvement Serial Bonds 1953 Issue in the
principal amount of 50000000 for the construction of flood
control improvements to the said Iao Stream being all of the
bonds of the said County authorized to be issued under said Joint
Resolution 20 Public Law 383 and the applicable provisions of
Chapter 117 of the Revised Laws of Hawaii 1945 for the said
purpose and
WHEREAS under and by virtue of said Joint Resolution 20
Public Law 384 and the applicable provisions of Chapter 117 of
the Revised Laws of Hawaii 1945 the said County of Maui has
heretofore issued Public Improvement Serial Bonds 1953 Issue in
the principal amount of 25000000 for the construction of new
public school buildings in the said County and Public Improvement
Serial Bonds 1956 Issue in the principal amount of 60000000
for the construction of new public school buildings in the said
County same being only a portion of the bonds of the said County
issuable under the statutes mentioned in this paragraph and the
3 Reotution
said County of Maui under said Joint Resolution 20 Public Law
384 and the applicable provisions of Chapter 117 of the Revised
Laws of Hawaii 1945 as amended by Chapter 139 of the Revised Laws
of Hawaii 1955 is now authorized to issue bonds of the said
County in the amount of 15000000 for the construction of new
public school buildings as aforesaid and
WHEREAS the legislature of the Territory of Hawaii by
Act 400 of the Session Laws of Hawaii 1949 as amended by Act 59
of the Session Laws of Hawaii 1951 did also expressly authorize
and empower the Board of Supervisors of the County of Maui to
issue from time to time general obligation bonds of the County
of Maui in accordance with the provisions of Section 55 of the
Hawaiian Organic Act 48 USCA Sec 562 and Chapter 117 of
the Revised Laws of Hawaii 1945 as amended by Chapter 139 of the
Revised Laws of Hawaii 1955 and to expend the proceeds of the sale
of such bonds for the construction of school buildings or for
additions to existing school buildings in the said County of
Maui and
WHEREAS under said Act 400 as amended and the provisions
of said Section 55 of the Organic Act and Chapter 139 of the
Revised Laws of Hawaii 1955 the County of Maui is authorized
and may at this time issue general obligation bonds in the amount
of 72000000 and
WHEREAS the Board of Supervisors of the County of Maui
has been advised and deems it necessary to issue general obliga
tion bonds of the County of Maui in the amount of 87000000
and to expend the proceeds thereof for the construction of necessary
new school buildings in the said County now therefore
4 Regotution
BE IT RESOLVED ky the Board of Supervisors of the County
of Maui Territory of Hawaii that it does hereby grant its
approval to the Treasurer of the County of Maui and he is hereby
authorized empowered and directed to prepare and issue public
improvement bonds of this County as hereinafter set forth in
the sum of 87000000 and to sell the same in accordance with
the provisions of Joint Resolution 20 Session Laws of Hawaii
1951 an Act of Congress of the United States of America being
Public Law 384 of the 82nd Congress 2nd Session approved on
June 9 1952 and in accordance with the provisions of Section 55
of the Hawaiian Organic Act Act 400 of the Session Laws of
Hawaii 1949 as amended by Act 59 of the Session Laws of Hawaii
1951 and Chapter 139 of the Revised Laws of Hawaii 1955 subject
to the approval of the President of the United States of America
as to the said entire bond issue of 87000000 and to do any
and all acts and things necessary for the issuance of such bonds
including the sale of such bonds in one issue as it may to the
Treasurer be deemed advisable and all of the proceeds derived
from the sale of such bonds shall be expended for the construction
of new public school buildings within the said County of Maui and
BE IT FURTHER RESOLVED that all such bonds shall be serial
bonds be dated August 1 1958 be of the denomination of 100000
each be numbered from 1 to 870 inclusive bear interest at the
rate as shall be fixed at the time of the sale thereof but not
exceeding five 5 per centum per annum payable semiannually on
February 1st and August lst and all such bonds shall be payable
serially in numerical order in nine equal installments of 6000000
each on August 1st in each of the years 1963 to 1971 inclusive
5 jf
and in six equal installments of 5500000 each on August lst in each of the years 1972 to 1977 inclusive as follows
Number Amount Maturity
1 60 6000000 August 1 1963
61 120 6000000 to 1964
121 180 60000000 If 1965
181 240 6000000 If 1966
241 300 6000000 If 1967
301 360 6000000 If It 1968
361 420 60000000 1969
421 480 6000000 s 1970
481 540 6000000 It 1971
541 600 55900000 It 1972
601 660 5500000 it 1973
661 720 5500000 It 1974
721 770 55000000 If it 1975
771 820 5500000 If 1976
821 870 55100000 it of 1977 and
BE IT FURTHER RESOLVED that the principal of and interest on sai d bonds shall be payable at the office of the Treasurer of the County of Maui in the County Bu ilding at Wailuku Maui
Territ ory of Hawaii or at the option of the holder thereof at the of fice of the Bankers Trust Compan y in the City of New York
State of New York and all bonds of this issue and the interest coupon s to be attached thereto shall be substantially in the following forms towit
6 Roof ltion i0o
FORM OF BOND
UNITED STATES OF AMERICA
Number SEAL OF THE Number
COUNTY OF MAUI
1000 TERRITORY OF HAWAII 1000
TERRITORY OF HAIVIAII
COUNTY OF MAUI
PUBLIC IMPROVEMENT SERIAL BOND 1958 ISSUE
KNOVI ALL MEN BY THESE PRESENTS that the COUNTY OF MAUI
TERRITORY OF HAWAII for value received hereby promises to pay
to the bearer or if this bond be registered to the registered
holder hereof the sum of
ONE THOUSAND DOLLARS
100000 on the first day of August 19 with interest
thereon at the rate of per centum per annum payable
semiannually on the first day of February and on the first day
of August on the presentation and surrender of the interest
coupons hereto attached as they severally become due Both the
principal of and interest on this bond are payable in any coin
or currency of the United States which at the time of payment
shall be legal tender for public and private debts
The principal of and interest on this bond are exempt from
any and all taxes whatsoever and this bond is a general obligation
of the County of Maui and the payment of such principal and
interest constitutes a charge upon the consolidated revenues of
the County of Maui Territory of Hawaii
7 Roolution dot
Both the principal of and interest on this bond are
payable at the office of the Treasurer of the County of Maui
in the County Building at Wailuku Maui Territory of Hawaii
or at the option of the holder hereof at the office of the
Bankers Trust Company in the City of New York State of New
York
This bond may be registered as to principal on books kept
at the office of the Treasurer of the County of Maui in accordance
with the provisions endorsed hereon
This bond is one of a total issue numbered consecutively
1 to 870 both inclusive the aggregate amount of which is limited
to the principal sum of 87000000 and is issued under and
pursuant to Joint Resolution 20 of the Session Laws of Hawaii
1951 and an Act of Congress of the United States of America
entitled An Act to enable the Legislature of the Territory of
Hawaii to authorize the County of Maui Territory of Hawaii to
issue public improvement bonds for the construction of new public
school buildings same being Public Law 384 enacted by the 82nd
Congress of the United States of America at the 2nd Session
approved on June 9 1952 and under Section 55 of the Hawaiian
Organic Act Act 400 of the Session Laws of Hawaii 1949 as
amended by Act 59 of the Session Laws of Hawaii 1951 and pursuant
to the provisions of Chapter 139 of the Revised Laws of Hawaii
1955 and acts amendatory thereof not inconsistent with the
said Act of Congress and Joint Resolution 20 of the Session Laws
of Hawaii 1951
It is hereby certified recited and declared that all con
ditions acts and things essential to the validity of this bond
and the issue of which it forms a part exist have happened and
8 Keolutcon to
have been done and that every requirement of law affecting the
issue thereof has been duly complied with and that this bond
and the issue of which it forms a part are authorized by the acts
hereinabove mentioned and within any debt or other limit pre
scribed by the laws of the United States and the Territory of
Hawaii and that the full faith and credit of the County of Maui
are hereby irrevocably pledged to the punctual payment of the
principal of and interest on this bond according to its terms
IN WITNESS WHEREOF the COUNTY OF MAUI has caused this bond
to be signed by its Deputy Treasurer and to bear the lithographed
facsimile signatures of its Chairman and Executive Officer of the
Board of Supervisors and its Auditor and its official seal to
be affixed hereto and the coupons hereto attached to be executed
with the lithographed facsimile signature of its Deputy Treasurer
as of the 1st day of August 1958
ChairmanandExecutive Officer Board of Supervisors County of Maui
Deputy Treasurer County of Maui
COUNTERSIGNED
Auditor County of Maui
The said bonds shall have the following form of registra
tion gridiron printed on the reverse side thereof
9 0 I Re otaltion 110
FOPUM OF REGISTRATION
This bond may be registered in the name of the
holder on books to be kept for that purpose by the
Treasurer of the County of Maui Territory of Hawaii
as to principal only such registration being noted
hereon by said Treasurer in the registration blank
below after which no transfer shall be valid unless
made on said books upon a written assignment of the
registered owner or his attorney duly acknowledged
and proved and similarly noted in the registration
blank below but it may be discharged from registra
tion by being transferred to bearer after which it
shall be transferable by delivery but it may be again
registered as before The registration of this bond
as to principal shall not restrain the negotiability
of the interest coupons
No writing below except by the Treasurer of the
County of Maui Territory of Hawaii
Date of Name of Regis Signature of Treasurer Registration teredOwner County of Maui
10 39t5otution
FORM OF COUPON
No
The COUNTY OF MAUI TERRITORY OF HAWAII will pay to
bearer the sum of Dollars
on the day of
19at the office of the Treasurer of the County of Maui
in the County Building at Wailuku Maui Territory of Hawaii or
at the option of the holder at the office of the Bankers Trust
Company in the City of New York State of New York being six
months interest then due on its Public Improvement Serial Bond
1958 Issue dated August 1 1958 No
Deputy Treasurer County of Maui
BE IT FURTHER RESOLVED that the Honorable William F Quinn
Governor of Hawaii be and he is hereby respectfully requested
to use his good office to secure the approval of the President
of the United States to the issuance by the County of Maui of
the above described bonds pursuant to and in accordance with
Section 55 of the Hawaiian Organic Act and Chapter 139 of the
Revised Laws of Hawaii 1955 in an amount not to exceed 87000000
72000000 being that portion issuable under said Section 55 of
the Hawaiian Organic Act and Chapter 139 of the Revised Laws of
Hawaii 1955 in the form and particulars as set forth herein
and 15000000 being that portion issuable under said Joint
Resolution 20 of the Session Laws of Hawaii 1951 and Public
Law 384 enacted by the 82nd Congress of the United States of
America at the 2nd Session approved on June 9 1952 and
11 BE IT FURTHER RESOLVED that the Deputy Treasurer of the
County of Maui be and he is hereby authorized empowered and
directed to do any and all acts and things necessary for the
issuance of the above described bonds and
BE IT FURTHER RESOLVED that the Chairman and Executive
Officer of the County of Maui and the Clerk and Deputy Treasurer
thereof be and they hereby are authorized to communicate with the
Governor of Hawaii to furnish him with all data necessary to
enable him to secure the approval by the President of the United
States of the entire issue of the bonds herein described and
BE IT FURTHER RESOLVED that all resolutions or parts of
resolutions in conflict herewith be and the same are hereby
repealed and this resolution shall take effect immediately
corarl Harry 1l Kobayashi Supervisor
6
1iYf Ni s
Tralt t saxr a t
eeii p y TT gg yy i p I h
County Clerk County of Maui E a Territory of Hawaii
I
i
12