COM 0798.004 2002-2004 - Laserfiche WebLink

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JAMES Y. ARAKAKI vv a ,'~"'~ry Phone: (808) 961-8272 Chairman & Presiding ~cer Fax: (808) 961-8781) t •••I~•Ci•M'i~ COUNTY COUNCIL County of Hawaii Hawaii County Building 25 Aupund Street Hito, Hawaii 96720 October 19, 2004 TO: Council Members i FROM: James Y. Arakaki Chair RE: Bi11348 $45 million General Oli igation Bonds This is to request your favorable consideration of an increase of the general obligation bond authorization from $45 million to $47 million. The purpose of this request is to fund much-needed island wide facility planning efforts, such as roadway corridors, sewer and solid waste infrastructure, and multimodal transportation planning. The amendment is as follows: "SECTION 1. Findings and Detemrinations. The County Council has detemuned to authorize the issuance and sale of general obligation bonds (the "Bonds") of thte County in a principal amount not to exceed [$40,000.00] $47, 000.000, the proceeds derived from the sale of which are to be expended by the County to finance various road and hiehway construction and public transportation enhancements in the districts of North Kona, South Kona, Puna, Hamakua, Hilo and South Kohala and to Tnance islandwide infrastructure planning a orts as set forth in Section 14. The County Council has further determined that this authorization for the purpose and projects described herein will address longstanding needs for highway construction and road improvements, transportation enhancements, and infrastructure planning_e orts, and are in the best interest of the County. "SECTION 2. Purpose. In selecting various road and highway construction projects, priority shall be given to internal connector roads and road extensions to relieve traffic bottlenecks and congestion in North Kona and South Kona, the findings and recommendations of the Keahole to Honaunau Regional Circulation Plan and Puna Regional Circulation Plan, an alternative route to the intersection of Lindsey Road and Mamalahoa Highway in Waimea, strategic and timely acquisition ofrights-of-way in Kona and Puna, and installation of traffic signals and other safety improvements. It is intended that the distribution of the proceeds shall be apportioned as follows: North and South Kona, $23 million; South Kohala, $10 million; Puna, $7 million; three nark-and- ride facilities in South Kona, North Kona and Puna, $1,500,000; Sand Gulch by-pass road in Hamakua. $2,400.000: Laupahoehoe Point emergency access road, $100,000; transportation enhancement projects in Hilo, $1,000,000. Moreover. islandwide facility planninz efl'orts shall Gomm. No.~ 8r.,s..~ Ref. To: ~~~e L Hawaii County is an Equat Opportunity Provider and Employer r` Ref. Uate n~