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William P. Kenoi <br />Mayor <br />April 20, 2010 <br />J Yoshimoto, Council Chair and <br />Members of the Hawaii County Council <br />Hawai'i County Council <br />25 Aupuni Street <br />Hilo, Hawaii 96720 <br />Re: Amending the Bond Authorization Ordinance 04 -59 <br />Enclosed is a bill for an ordinance that amends Ordinance 04 -59, as amended by 04 -154 <br />and 09 -20, which had authorized the issuance of general obligation bonds, in an aggregate <br />principal amount not to exceed $47,000,000, to finance various public improvements of the <br />County. The proposed amendment to the interest rate and redemption provisions within the <br />bond ordinance will allow the County to issue taxable bonds under the American Recovery <br />and Revinvestment Act (ARRA). Under the provisions of the ARRA, general obligation <br />bonds of the County may be issued as taxable "Build America Bonds" or "Recovery Zone <br />Economic Development Bonds" which are 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 yet. <br />The County is planning a bond issue in July which will refinance current short term bond <br />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 market <br />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 at <br />933 -6240. <br />Nancy E. Crawford <br />Director of Finance <br />Enc. <br />cc: Mike Okumoto, Treasury <br />(situ a4s> <br />County <br />Finance <br />25 Aupuni Street, Suite <br />(808) 961-8234 <br />of Hawaii <br />Department <br />2103 • Hilo, Hawaii 96720 <br />• Fax (808) 961 -8569 <br />Hawaii County is an Equal Opportunity Provider and Employer <br />a n <br />2 <br />--1 <br />Nancy E. Crawford <br />Director <br />Deanna S. Sako <br />Deputy Director <br />ni <br />1 <br />Comm. No. SD 2- <br />Ref. To: tA f GStc.vtu 1 <br />Ref. .Pate . APR 23 ZOIe <br />