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Heather Kimball, HSAC President and Members of the Executive Committee RE: Kauai County Report for the August 22, 2024 HSAC Executive Committee Meeting August 14, 2024 Page 3 Discussed Proposed Draft Bill (No. 2927) — A BILL FOR AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF KAUA`I FOR THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS; FIXING OR AUTHORIZING THE FIXING OF THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH REFUNDING BONDS AND PROVIDING FOR THE SALE OF SUCH BONDS TO THE PUBLIC; PROVIDING FOR THE RETIREMENT OF THE BONDS TO BE REFUNDED; AND AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE REFUNDING BONDS AND THE RETIREMENT OF THE BONDS TO BE REFUNDED o This Bill proposes to authorize the issuance, sale, and delivery of general obligation refunding bonds for the purpose of refunding all or a portion of the outstanding Prior Obligations (the County's previously -issued $120,000,000 in aggregate principal amount of its Taxable General Obligation Bonds, Series 2010A) to achieve debt service savings and other benefits for the County in the management of its debt obligations. As a result of federal sequestration, there has been a material adverse change to Section 54AA and Section 140OU-2 of the Internal Revenue Code of 1986, reducing the interest subsidy payments for the Prior Obligations that the County has received, and expects to receive, from the United States Treasury. The proposed refunding would be accomplished through a new issuance of tax-exempt General Obligation Bonds to redeem all or a portion of the outstanding 2010A Bonds. Based on current market conditions, such a refunding would enable the County to achieve debt service savings in comparison to the 2010A Bonds and protect against the potential risk of future increases in federal sequestration. o This Bill has a public hearing scheduled for August 28, 2024 and will be referred to the September 4, 2024 Committee of the Whole Meeting. Discussed Proposed Draft Bill (No. 2930) — A BILL FOR AN ORDINANCE AMENDING ORDINANCE NO. B-2024-896, AS AMENDED, RELATING TO THE OPERATING BUDGET OF THE COUNTY OF KAUA`I, STATE OF HAWAI`I, FOR THE FISCAL YEAR JULY 1, 2024 THROUGH JUNE 30, 2025, BY REVISING THE AMOUNTS ESTIMATED IN THE GENERAL FUND (Additional Costs For Fiscal Year 2023 ACFR — $70, 000.00) o This Bill proposes to provide funding to cover $70,000.00 of additional costs associated with the external auditor's work to complete the County's Annual Comprehensive Financial Report for Fiscal Year 2023. o This Bill has a public hearing scheduled for September 11, 2024 and will be referred to the September 25, 2024 Committee of the Whole Meeting.