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<br /> 4 -30-01:10=25AM;COH Purchasing gOg ggi g2gg yx 1 <br /> Farm B-52 <br /> 7/18/91 <br /> DEPARTMENT OF FINANCE <br /> REQUEST FOR COUNCIL ACT,~ON <br /> DEPARTMENT: WATER SUPPLY DATE: Apri 1 30, 2001 <br /> STAFF CONTACT : Richard Tsunoda PHONE : 961-8050 <br /> A . REt?UEST <br /> The Department of Water Supply requests the issuance and sale of General <br /> Obligation Bonds of the County of Hawaii, in the principal amount of <br /> $8,000,000. <br /> B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEEN'S AS NEEDED): <br /> The Department of Water Supply retained the consulting firm, R. W. Beck, <br /> of Seattle, WA. to prepare a comprehensive water rate study that resulted <br /> in the recommendation of new rates. Following the completion and review <br /> of the study the dater Board of the Department of Water Supply took action <br /> and adopted the rate study recommendations on February 27, 2001. <br /> Included in the study is a five-year capital improvement spending program <br /> totaling approximatesly $59.2 million. One of the key assumptions in the <br /> development of the water rates was the issuance of General Obligations <br /> Bonds over the five-year period in the amount of $30.0 million, and further <br /> that the first issuance would be done by the end of fiscal-year 2000-2001 <br /> in the amount of $7.5 million. The request for $8.0 million is to provide <br /> sufficient funds to pa,~ for tha Deaartment's share of pond issuance costs. <br /> SIGNED : DATE : 04/30/01 <br /> Department Head <br /> <br />