COM 0116.002 2000-2002 - Laserfiche WebLink

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~N~v~os~ ' b~~, Harry Kim Dixie Kaetsu Mayor Managing Director ~~'+'oe<°;,P+'`' Peter T. Young Deputy Managing Director ~DU~tp D~ ~~~i`i 25 Aupuni Street, Room 215 • Hilo, Hawaii 96720-4252 • (808) 961-8211 • Fax (808) 961-6553 KONA: 75-5706 Kualtini Highway, Suite 103 • Kailua-Kona, Hawaii 96740 (808) 329-5226 • Fax (808) 326-5663 Apri122, 2002 < rv F J ~.7 The Honorable James Y. Arakaki, Chair and Members of the Hawaii County Council .t. 25 Aupuni Street Kilo, Hawaii 96720 Subject: Cpeneral Obligation Bonds, 2001 Series A Dear Chairman Arakaki and Council Members: When you authorized the issuance of the 2001 Series A bonds last year, I committed to you that I would keep you informed about the use of the proceeds. Initially, the County Council authorized $8 million in bonds to be used for the Police radio system upgrade. We requested and obtained Council authorization for an additional $7 million to cover completion of the J.C. Penneys (Aupuni Center) building and other necessary projects. The Department of Water Supply (DWS) then requested that the County issue $8 million in general obligation bonds on its behalf to be reimbursed by DWS. The Council approved that request. The County sold the authorized $23 million in bonds in July 2001, and in addition to a favorable interest rate received a small premium on the sale. Amounts Coininitted From the net proceeds, the amounts due to DWS and the amounts committed for the Police radio system upgrade and the J.C. Penneys renovations were deducted as follows, leaving $5.6 million: Net proceeds of bonds $23,153,796 To DWS (8,053,494) Police radio system (8,000,000) J.C. Penneys renovation (1,500,000) Balance of proceeds $5 600 302 .,a _._L..W ~.l.v._.._._ / /I ~ (~pYr9IT-a. N4. lie 1~0° F$,@g.