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~'V OiF flarry Kim William Takaba 1,6i1ti•, .Mayor _ D(recmr Nancy E. Crawford •i 1:-+,^. • • r Depuly Director County of Hawaii Finance Department a 25 Aopmii Street, Room 118 • Hilo, I lawaii 96720 (808)961-8234. Fax(808)961-8248 17) C--n OCR ~ J;• December 19, 2008 ? rv 4 N J Yoshimoto, Chairman and - Members of the Hawai'i County Council Hawai'i County Council 2 L 25 Aupuni Streets 33 Hilo, Hawai'i 96720 - J' Re: Amending the Bond Authorization Ordinance Enclosed is a bill for an ordinance that amends Ordinance 04-59, as amended by Ordinance 04-154, authorizing the issuance of general obligation bonds for financing public improvements. The amendment adds language to the bond authorization ordinance, in which the County states that it may incur some capital expenditures in advance of the issuance of the bonds and declares its intention to reimburse itself in such cases. The language to be added to the 2004 bond authorization ordinance is the same as language that is included in all subsequent bond ordinances. U.S. Treasury regulations require that the County declare its intention to use funds to reimburse itself for capital expenditures made in advance of the bond issuance. Because the County will sometimes be using certain short-term options, such as bond anticipation notes, to supply funds for CIP in advance of the bond issuance, this language must be included. It also provides us with the important flexibility to manage cash flow and debt to the best advantage of the County. If there are any questions, please do not hesitate to call me at 961-8234. Nancy . Crawfor Director of Finance APPROVED: sa~st-) t~-- William P. Kenoi Mayor Enc. Comm. No. 57 cc: Mike Okumoto, Treasurer Ref. Tor Hawaii County is an Equal Opportunity Provider and Employer Ref, Dat@X_ C 2 3 2`_