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Harrv Kim ,ifa}or William Takaba Director Nancy E. Crawford Daputy Director County of Hawaii Finance Department 25 Aupuni Strttt. Room 118 • Hilo, H:nvaii 96720 (808) 961-8234 Fax (808) 961-8248 September 22, 2008 Pete Hoffmann, Chairman and Members of the Hawaii County Council Hawaii County Council 25 Aupuni Street Hilo, Hawaii 96720 Re: Amendment to Ordinance No. 01-118 c) 0 >,i r~ c ~j ~ ^~ _ ~ : ~ ,'~ . r-.. ._.; - `~ ~ ' - In December 2001, Ordinance No. 01-118 was passed by the County Council; wh~ ~~:~ authorized the issuance of Improvement District No. 17, Kaloko Subdivision,,200'I'$pecial Assessment Refunding Bonds, with Bank of Hawaii. appointed as the paying age r~t•. Effective Feb. 9, 2004, Bank of Hawaii resigned as paying agent and appointed the Bank of New York as its successor. However, Section 6.01 (b) of the enabling ordinance states: "The Paying Agent and Bond Registrar initially appointed, and any successor thereto, may be removed by the County and a successor or successors may be appointed; provided that such successor or successors shall be a bank or a trust company doing business in and having an office in the city where the predecessor did business and had an office." Enclosed is a bill for an ordinance amending Ordinance No. 01-118 that would permit the Bank of New York, which does not have an office in Honolulu, to continue as paying agent for the 2001 Special Assessment Refunding Bonds or allow the County to act as its own paying agent. Should you have any questions please feel free to contact Treasurer Mike Okumoto at 961-8303. 4 William Takaba Director of Finance APPROVED: Harry Kim Y Mayor Cornnu ~ 79 Enc. Ref. Tw ~. ,~ 3~ A ` Hmrai'i Gbunq~ is an eyurd opporrtmiq~ prm~ider mrd enrplaJ~er. Rqf ~ ~QtB .~f 7 S ~nnA ,7 { 1