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<br /> <br /> <br /> YY M <br /> Harry Kim William Takaba <br /> Mayor Director <br /> <br /> <br /> K's 0 C T 26 pt !In yg Nancy E. Crawford <br /> Deputy Director <br /> County of Hai <br /> Finance Department <br /> 25 Aupuni Street, Room 118 • Hilo, Hawaii 96720 <br /> (808) 961-8234 • Fax(808)961-8248 <br /> <br /> October 25, 2006 <br /> <br /> Stacy Higa, Chairman, and <br /> Members of the Hawaii County Council <br /> 25 Aupuni Street <br /> Hilo, HI 96720 <br /> <br /> Subject: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds <br /> <br /> Enclosed is Draft 2 of Bill 358, providing for the issuance of general obligation bonds for <br /> funding capital improvement projects and authorizing the refunding of certain <br /> outstanding bonds. Draft 2 was prepared by bond counsel to delete four of the bond <br /> issues identified for potential refunding in the original bill. Council has previously <br /> authorized the refunding of 1999A and 2001A issues in Ordinance 04-81, so they are <br /> removed from this bill. We have also determined that 2004A and 2006A issues are not <br /> appropriate for refunding at this time. The amount authorized for refunding and, <br /> therefore, the total amount of the authorization has been decreased. <br /> <br /> Total bond authorization is decreased to $110,000,000. Authorization for funding of <br /> projects remains at $75,000,000 and the authorization for refunding is decreased to <br /> $35,000,000. <br /> Bill 358 is on the agenda for the Monday, October 30, 2006 Finance Committee Meeting. <br /> <br /> If there are any questions, please do not hesitate to call me. <br /> <br /> <br /> <br /> William Tak ba <br /> Director of Finance <br /> <br /> APPROVED: <br /> <br /> au <br /> <br /> Harry Kim <br /> Mayor Comm. No. <br /> Enclosure Ref. To-. N; atwt L <br /> Ref. C~a;e OCT 3 0 2DDg <br /> <br /> Hawaii County is an equal opportwityprovider and employer. <br />