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J ;, oc p,' <br /> ' �o. Vi' William T. Takaba <br /> ^ \ � li' . <br /> � � Managing Director <br /> William P. Kenoi •Etl��: ' �� �• • <br /> Mayor • Walter K.M. Lau <br /> • •r .q:' ��.• Deputy Managing Director <br /> rE of r <br /> un f of PC4.�.Vai <br /> I� l <br /> Mffirt of tip Atvor <br /> 25 Aupuni Street, Suite 2603 • Hilo, Hawai'i 96720 • (808) 961 -8211 • Fax (808) 961 -6553 <br /> KONA: 75 -5722 Hanama Place, Suite 102 • Kailua -Kona, Hawai'i 96740 <br /> (808) 327 -3602 • Fax (808) 326-5663 <br /> r c-D € "1 <br /> October 7, 2010 -- t <br /> The Honorable J Yoshimoto, Chairman, and <br /> Members of the Hawai`i County Council <br /> 25 Aupuni Street <br /> Hilo, Hawai'i 96720 <br /> RE: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds <br /> Attached for your consideration is a bill authorizing the issuance of up to $56,000,000 in general <br /> obligation bonds for the County of Hawai`i for capital improvement projects and includes <br /> $500,000 for bond issuance costs. <br /> This administration has pressed ahead with an array of County- financed construction and <br /> projects funded under the federal American Recovery and Reinvestment Act of 2009 to stimulate <br /> our construction industry and help put our residents back to work. The national recession and <br /> turmoil in the national financial markets have restricted private construction on our island, and <br /> we must advance new public projects to create construction jobs and help our working families. <br /> This also allows us to take advantage of declining bid prices as construction companies <br /> aggressively compete for work. We are able to quickly complete critically needed construction <br /> projects in this economic environment at less cost to the County taxpayers. <br /> These carefully selected projects will positively impact our communities by stimulating the <br /> economy, creating jobs and benefiting our youth and our most vulnerable residents. We sought <br /> projects that are "shovel ready" and can begin producing jobs quickly, or will create new <br /> opportunities for growth that will benefit our residents in the years ahead. For example, the <br /> Kapiolani Street Extension opens the door for major economic opportunities by encouraging the <br /> continued growth of the University of Hawaii at Hilo, which has emerged as a major economic <br /> engine in our County. <br /> This request also seeks to address critical needs in regions that have experienced rapid growth. It <br /> will upgrade infrastructure in West Hawaii by completing road projects such as a new mauka- <br /> makai connector road and other transportation projects to provide increased safety, efficiency <br /> and improved quality of life for the residents. In Lower Puna, the fastest growing area of the <br /> island, this bond authorization request would provide funds for a new park facility in one of our <br /> Come No. 17 Z <br /> <-131 I t 311 ) County of Hawai'i is an Equal Opportunity Provider and Employer. F G <br /> Ref. Tor <br /> Ref. Date. OCT 7 2010 <br />