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<br /> <br /> <br /> <br /> <br /> <br /> Stacy Higa, Chairman, and <br /> Members of the Hawaii County Council <br /> Page 2 <br /> October 17, 2006 <br /> <br /> Road projects currently in progress, funded with 2004A bond proceeds include La'aloa <br /> Extension to Kuakini, Honalo/Captain Cook, Highway 137 and Pohoiki Bypass. <br /> <br /> Office of the Prosecuting Attorney, Upgrade of Rural Transfer Stations, Repairs to Parks <br /> and Recreation Facilities, and Captain Cook Fire Station Extension are among the other <br /> bond-funded projects currently in progress. <br /> <br /> Refunding Bonds <br /> <br /> Bonds being considered for advance refunding are in Series 1999A and 2001 A. At <br /> current interest rates the County would realize a savings on future debt service for these <br /> issues. Rates will continue to be monitored up to the day of sale to insure that refunding <br /> is in the best interest of the County. <br /> <br /> Debt Service <br /> <br /> The Department of Finance is working with departments to insure that funding will be <br /> available when needed, but not borrowed prematurely. Although there are many needed <br /> improvements, the number of projects to be funded is limited by prudent spending <br /> amounts and the capacity of the departments to manage the projects. If the County sells <br /> bonds in the amount of $75 million, the estimated percentage of debt service to total <br /> general expenditures will be less than 11.8%, assuming a 4.5% interest rate. Exhibits B <br /> and C are debt service worksheets for your review. <br /> Please contact departments directly for additional information on specific projects. If <br /> there are any questions regarding the bonds, please do not hesitate to contact Mike <br /> Okumoto at 961-8303 or me at 961-8234. Thank you very much. <br /> <br /> <br /> <br /> <br /> lei` Willi akaba <br /> Director of Finance <br /> <br /> APPROVED: <br /> <br /> <br /> a") <br /> Harry Kim <br /> Mayor <br /> <br /> Attachments <br />