COUNTY OF MAUI BOARD OF WATER SUPPLY 
-- AMENDED --
RESOLUTION NO. 07 (1993)

REQUESTING THE ISSUANCE AND SALE OF GENERAL OBLIGATION 
REFUNDING BONDS OF THE COUNTY OF MAUI, HAWAII, IN AN 
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED FORTY MILLION 
DOLLARS ($40,000,000) FOR THE PURPOSE OF REFUNDING
ALL OR A PART OF CERTAIN OUTSTANDING WATER SYSTEM REVENUE 
BONDS ISSUED TO FINANCE THE WATER WORKS OF THE COUNTY



WHEREAS, the Department of Water Supply ("Department") of the County of Maul, Hawaii 
("County"), consisting of the Board of water Supply ("Board"), the Deputy Director of 
Water Supply and the necessary staff, has, pursuant to the Charter of the County, the 
full and complete authority to manage, control and operate water systems owned and 
operated by the County, including all the County water rights and water sources, 
together with all materials, supplies and equipment and all real and personal property 
used in connection with such water systems, and has, pursuant to such authority, managed, 
controlled and operated such water systems; and

WHEREAS, the Board adopted on December 17, 1991, a Bond Resolution (as amended and 
supplemented from time to time the "Bond Resolution") authorizing and providing for 
the issuance from time to time of series of Water System Revenue bonds in the name of 
the Board for the purposes of the water system of the County; and

WHEREAS, the Board has heretofore issued, pursuant to the Bond Resolution and a First 
Supplemental Resolution (the "First Supplemental Resolution") also adopted on December 
17, 1991, one series of Water System Revenue Bonds, 1991 Series A (the "1991 Series A 
Bonds") in the principal amount of THIRTY-FIVE MILLION SEVEN HUNDRED SEVENTY-FIVE 
THOUSAND AND NO/100 DOLLARS ($35,775,000); and

WHEREAS, under the Constitution of the State of Hawaii, Hawaii Revised Statutes, and the 
Charter of the County, the Board may, by resolution, request and consent to the issuance 
of general obligation refunding bonds of the County to refund outstanding bonds of the Board, 
and to pledge the revenues of the Department of Water Supply of the County ("Department") to 
the payment and security of such refunding bonds; and

WHEREAS, the Board has determined that it is financially advantageous and in the best 
interest of the Department to request that the County issue a series of general obligation 
refunding bonds for the purpose of refunding all or a portion of the 1991 Series A Bonds 
issued by the Board in order to effect present value and cash flow savings on the debt service 
payable by the Board on its obligations; and

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

BE IT RESOLVED by the Board:

1. That, pursuant to Part I, Chapter 47, Hawaii Revised Statutes, as amended, the County Council 
("Council") is hereby requested to authorize the issuance of general obligation bonds of the County 
in an aggregate principal amount not to exceed FORTY MILLION AND NO/100 DOLLARS ($40,000,000) 
("Refunding Bonds"), the proceeds derived from the sale thereof to be used for refunding all or 
a portion of the 1991 Series A Bonds that were issued by the Board 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. The Director of Finance of the County, 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 Refunding Bonds, shall fix and determine the form, date, 
denomination, and maturities of the Refunding Bonds, which shall mature in 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 twenty-nine (29) years from 
the date of issue of the Refunding Bonds, as he deems to be in the best interest of the Department. 
The Refunding 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 the Refunding bonds. The Refunding Bonds shall have such further details as shall be 
determined by the Director of Finance consistent with the Constitution and laws of the State of 
Hawaii and the Charter and ordinances of the County, including the ordinance authorizing the Refunding 
Bonds, all as the Director of Finance deems to be in the best interest of the Department; and

2. That the Council is hereby requested to authorize the Director of Finance to issue and sell the 
Refunding Bonds at such time as the Director of Finance shall determine in the best interest of the
County; and

3. That the Refunding Bonds shall be deemed issued for a public undertaking from which revenue are 
derived, to wit: for the waterworks of the County. The Board hereby consents to the reimbursement of 
the general fund of the County for the payment of the principal of, and interest on, the Refunding Bonds 
from the revenues of the Department, 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, and that 
until the Board has reimbursed the County for the full payment of principal and interest on the Refunding 
Bonds, the Board shall issue no Revenue Bonds without the prior consent of the Council; and

4. This Resolution shall take effect immediately upon adoption; and

5.That certified copies of this resolution be transmitted to the Mayor and the County Council.

ADOPTED: Wailuku, Maui, Hawaii, October 19, 1993.

Byron Walters
Chairman

APPROVED AS TO FORM AND LEGALITY:

John S. Rapacz
Deputy Corporation Counsel
County of Maui