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Form #: B-52 <br />7/18/91 <br />DEPARTMENT OF FINANCE <br />REQUEST FOR COUNCIL ACTION <br />DEPARTMENT <br />Finance DATE <br />STAFF CONTACT: Mike Okumoto <br />A. REQUEST: <br />PHONE: <br />9-16-08 <br />961-8303 <br />Council approval of the submitted amendment to Ordinance 01-118 is requested. The amendment would <br />permit the Bank of New York to continue as paying agent for the 2001 Special Assessment Refunding Bonds <br />or allow the County to act as its own paying agent. <br />B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): <br />In December 2001, Improvement District No. 17, Kaloko Subdivision, Special Assessment Bonds were <br />refunded. Bank of Hawaii was appointed as the paying agent. Effective Feb. 9, 2004, Bank of Hawaii <br />resigned as paying agent and appointed the Bank of New York as its successor. Section 6.01 (b) of the <br />enabling ordinance states: "The Paying Agent and Bond Registrar initially appointed, and any successor <br />thereto, may be removed by the County and a successor or successors may be appointed; provided that <br />such successor or successors shall be a bank or a trust company doing business in and having an office in <br />the city where the predecessor did business and had an office." The amendment to Ordinance 01-118 will <br />allow the Bank of New York which does not have an office in Honolulu to continue as paying agent or allow <br />the County to act as its own paying agent. <br />SIGNED: DATE: S E P 2 2 2~~8 <br />Department Head <br />