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<br /> <br /> <br /> ~<V Oe M <br /> Harry Kim William Takaba <br /> Mayor Director <br /> <br /> Nancy E. Crawford <br /> t` DeputyDirector <br /> <br /> County of Hawaii <br /> Finance Department <br /> 25 Aupuni Street, Room 118 • Hilo, Hawaii 96720 <br /> (808) 961-8234 • Pax (808) 961-8248 <br /> <br /> <br /> October 17, 2006 <br /> <br /> <br /> Stacy Higa, Chairman, and <br /> Members of the Hawaii County Council <br /> 25 Aupuni Street <br /> Hilo, HI 96720 <br /> Subject: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds <br /> <br /> Attached for your consideration is a bill authorizing the issuance of up to $75 million in <br /> general obligation bonds for the County of Hawaii. We are also requesting authorization <br /> to issue bonds in an amount not to exceed $55 million for the purpose of refunding <br /> outstanding bonds that were issued at higher interest rate. It is anticipated that the bonds <br /> will be sold in January 2007. <br /> <br /> New Bonds Projects <br /> <br /> We currently have four large projects that have been initiated and which require funding <br /> to continue. The projects are West Hawaii Civic Center, County Building Repairs, <br /> La'i'opua Connector Road, and ADA Compliance. These projects are necessary to meet <br /> legal mandates, provide needed repairs and new construction, and continue traffic <br /> improvements. All are expected to require funding within the next three months. An <br /> explanation of each project is included in the attached Exhibit A. <br /> <br /> Existing Bonds Project Status <br /> <br /> Many other projects are progressing using previously acquired funds. In January 2006 the <br /> County Council authorized a bond issuance which included $25 million for various <br /> County projects. Approximately half of the funds have been allotted for projects, <br /> including ADA Compliance, Central Police Station Repairs, County Building Repairs, <br /> Repairs to Parks and Recreation Facilities, Konawaena Swimming Pool, Pahoa Fire <br /> Station, Palani Road Safety Improvements, and Ahalanui/Pohoiki Beach Park. <br /> <br /> It is anticipated that the remaining funds from the 2006A bond issue will be allotted <br /> within the next three months for additional ADA improvements, Large Capacity <br /> Cesspool Replacements, Fire Administration Complex design, purchase of Na'alehu <br /> Park, Roof Replacement on Public Safety Buildings, and other projects. ( S <br /> Comm. No.--- <br /> ('13 ~u 35$~ Havai'iCounty is an equal opportunityprovider and employer. Ref. To: <br /> Ref. Dote <br />