Board of Water Supply, County of Maui
1993 RESOLUTION No. 03

REQUESTING THE ISSUANCE AND SALE OF GENERAL OBLIGATION REFUNDING BONDS OF 
THE COUNTY OF MAUI, HAWAII, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED 
$8,000,000 FOR THE PURPOSE OF REFUNDING ALL OR A PART OF THE OUTSTANDING 
GENERAL OBLIGATION BONDS, 1986 SERIES A, AND ALL OR A PART OF THE 
OUTSTANDING GENERAL OBLIGATION BONDS, 1989 SERIES A, IN EACH CASE TO 
THE EXTENT SUCH OUTSTANDING BONDS WERE ISSUED TO FINANCE THE 
WATERWORKS OF THE COUNTY.



WHEREAS, the Council of the County of Maui (the "County") has authorized the issuance of 
and there are now outstanding General Obligation Bonds, 1986 Series A, and General Obligation 
Bonds, 1989 Series A, some of said bonds requiring reimbursement of the General Fund from 
the revenues of the Department of Water Supply of the County of Maui; and

WHEREAS, the Council of the County desires to issue General Obligation Refunding Bonds of 
the County of Maui to refund said General Obligation Bonds, 1986 Series A, and General 
Obligation Bonds, 1989 Series A; and

WHEREAS, under the Constitution and Statutes of the State of Hawaii and the Charter of the 
County of Maui, the Board of Water Supply of the County of Maui shall by resolution request 
and consent to the issuance of such refunding bonds and pledge of the revenues of the Department 
of Water Supply to the payment and security of such refunding bonds; and

WHEREAS, the Board of Water Supply of the County of Maui finds and determines it to be 
beneficial to the management and operation of the water systems of the County of Maui to 
request and consent to the issuance of such refunding bonds; now, therefore,

BE IT RESOLVED by the Department of Water Supply of the County of Maui, State of Hawaii:

1. That pursuant to Part I, Chapter 47, Hawaii Revised Statutes, as amended, the Council of the 
County (the "Council") is hereby requested to authorize the issuance of general obligation bonds 
of the County in an aggregate principal amount not to exceed EIGHT MILLION AND NO/HUNDREDTHS 
DOLLARS ($8,000,000.00), the proceeds derived from the sale thereof to be used for refunding 
all or a part of the portion of the outstanding General Obligation Bonds, 1986 Series A, and 
the outstanding General Obligation Bonds, 1989 Series A, which were issued for the purpose of 
providing financing for the waterworks of the County, and which require reimbursement of the 
General Fund from the revenues of the Department of Water Supply of the County. The Director 
of Finance of the County of Maui, in accordance with and subject to the Constitution and laws 
of the State of Hawaii and the Charter and ordinances of the County, including the ordinance 
authorizing such bonds, shall fix and determine the form, date, denomination and maturities of 
said bonds, which shall mature in substantially equal installments of principal or substantially 
equal installments of principal and interest, which shall not exceed the estimates provided by 
more than 5%, the first installment of principal to mature not later than five years from the 
date of issue of the bonds and the last installment of principal to mature not later than twenty-five 
years from the date of issue of the bonds, as he deems to be in the best interest of the Department. 
The bonds shall be substantially in the form of the general obligation bonds of the County heretofore 
issued, with such omissions from such form, such insertions therein and such variations thereof as 
shall be deemed necessary and desirable to reflect the provisions of the Constitution and laws of 
the State of Hawaii and the Charter and ordinances of the County, including the ordinance authorizing 
such bonds. The bonds shall have such further details as shall be determined by the Director of 
Finance consistent with the provisions of the Constitution and laws of the State of Hawaii and the 
Charter and ordinances of the County, including the ordinance authorizing such bonds, all as the 
Director of Finance deems to be in the best interest of the Department.

2. That the Council is hereby requested to authorize the Director of Finance to issue and sell 
the bonds at such time as the Director of Finance shall determine.

3. That said bonds shall be deemed issued for a public undertaking from which revenues are derived, 
to wit: for the waterworks of the County of Maui. The Board of Water Supply hereby consents to the 
reimbursement of the general fund of the County for the payment of the principal of and interest on 
said bonds from the revenues of the Department of Water Supply, such reimbursement to be made in a 
manner consistent with the provisions of the Constitution and laws of the State of Hawaii and the 
Charter of the County.

4. That this resolution shall take effect upon the adoption thereof, and a certified copy shall 
be delivered to the Mayor and to the Council.

APPROVED AS TO FORM AND LEGALITY

John S. Rapacz
Deputy Corporation Counsel 
County of Maui