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William P. Kenoi <br />Mayor <br />April 20, 2010 <br />J Yoshimoto, Council Chair and <br />Members of the Hawai'i County Council <br />Hawai'i County Council <br />25 Aupuni Street <br />Hilo, Hawai'i 96720 <br />0 ` E <br />Nancy E. Crawford <br />Director of Finance <br />Enc. <br />cc: Mike Okumoto, Treasury <br />413; tl a47 <br />County <br />Finance <br />25 Aupuni Street, Suite <br />(808)961 -8234 <br />of Hawaii <br />Department <br />2103 • llilo, Hawaii 96720 <br />• Fax (808) 961 -8569 <br />Hawaii County is an Equal Opportunity Provider and Employer <br />C <br />li <br />Nancy E. Crawford <br />Director <br />Deanna S. Sako <br />Deputy Director <br />:3 <br />01 <br />:0 <br />G <br />Re: Amending the Bond Authorization Ordinance 08 -106 <br />Enclosed is a bill for an ordinance that amends Ordinance 08 -106, as previously amended, <br />which had authorized the issuance of general obligation bonds, in an aggregate principal <br />amount not to exceed $114,588,700, to fund all or a portion of the costs of various capital <br />improvement projects for the County. The proposed amendment to the interest rate and <br />redemption provisions within the bond ordinance will allow the County to issue taxable <br />bonds under the American Recovery and Revinvestment Act (ARRA). Under the <br />provisions of the ARRA, general obligation bonds of the County may be issued as taxable <br />"Build America Bonds" or "Recovery Zone Economic Development Bonds" which are <br />eligible for federal interest subsidy payments. <br />Bond Ordinance 04 -59 is one of five bond ordinances that we are amending at this time. <br />They all authorize the sale of bonds for CIP funding and they have not been fully issued <br />yet. The County is planning a bond issue in July which will refinance current short term <br />bond anticipation notes that are outstanding and borrow an additional amount based on <br />anticipated expenditures during the upcoming months. The County may issue "Build <br />America Bonds" or "Recovery Zone Economic Development Bonds" in the event that <br />market conditions remain favorable for these types of bonds. <br />Since the bond issuance process will begin shortly, we humbly ask for a waiver from the <br />Finance Committee and to have this bill heard at the next Council Meeting scheduled for <br />May 5, 2010. <br />If there are any questions, please do not hesitate to call County Treasurer Mike Okumoto <br />at 933 -6240. <br />Comm. It <br />Ref. To: L' <br />��f• DQte APR 23 231a <br />