COM 0116.000 2000-2002 - Laserfiche WebLink

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HanyKun dC''"''r~~ Wil11am Takaba Mayor Ovetlor County of Hawaii Finance Department 25 Aupum Street, Room I IB • HJo, Herren 96720 (808)961-8234 • Fax (606)961-8248 rj F--~ ~i 1 February 9, 2001 ~ r- T The Honorable James Y. Arakaki, Chairman, and s Members of the Hawaii County Council County of Hawaii - Hdo, Hawaii Subject Bill for an Ordinance Authonzing the Issuance of General Obligation Bonds Dear Chairman Arakaki and Members of the County Council: At the February 5, 2001, Council meeting, I presented my plans for the completion of the One Pauahi Place project, and told you that formal measures would be forthcoming for your consideration Therefore, attached is a bill for an ordinance authorizing the issuance of $7 million in general obligation bonds of the County of Hawaii This amount is in addition to the $8 million previously authorized for the police radio system upgrade, and would result in a total consolidated bond float of $15 million While the One Pauahi Place project does not require the entire $7 million, this could be an opportune time to finance other priority projects. To assist you in your consideration of this request, attached are two schedules. The first shows the projected debt service (at 6%) on $15 million and $8 million in bonds (Schedule 1) Schedule 2 shows the County's current debt service obligations for bonds, along with the debt service increase due to the $8 million new bonds already authorized and the increase if $7 million more were authorized and issued For funding flexibility, this bill proposes that the funds can be used for any existing authorized capital appropriation The Public Works Department is working on obtaining firmer figures on the additional cost for One Pauahi Place, and we expect to have these numbers before this bill is heard at the committee level [}I// 3/ Comm. No• 6 File No. ~ N ~~gN D Ref. 1br ~-o V N c-lL FEB