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Bond Authorization Request October 7, 2010 Page 2 most under - served communities. If we want our young people to develop into the future leaders of our community, we must provide them with mentoring and positive activities to occupy their time. We must provide them with recreational opportunities in their neighborhoods. This bond authorization also provides $500,000 in funding to begin engineering work on the critical Puna Makai Alternate Roadway as conceptually proposed in the Puna Community Development Plan of September 2008. Currently Lower Puna is accessed by a single State highway. The PMAR will connect Nanawale Estates and Hilo with a second major collector roadway that qualifies for federal funding assistance. The funding will provide an opportunity for the County to leverage its dollars in the construction of this vital alternate route for the safety and well -being of Lower Puna residents. Providing housing for our most vulnerable families is addressed through a request for funding for additional units in the Kaloko Housing project. This package also includes requests for projects to increase energy efficiency in County facilities to reduce our consumption of imported oil and reduce the cost to taxpayers. Also included in this bond authorization request are projects that protect public health and safety and are required under federal law, specifically installation of swimming pool drain covers and closure and remediation of the Kawaihae Housing facilities. The full list of projects with further details is attached. The County's debt service capacity has been analyzed to insure that we have the capacity to issue additional bonds up to the requested authorized amount. With this current request of $56,000,000 our debt service percentage would be approximately 14.1 %. This percentage is within the GFOA guideline that debt service expenditures should be below 15% of total expenditures each year. This administration's first bond request will fund projects that will stimulate our economy and improve the quality of life for residents, while maintaining a clear sense of our fiscal responsibilities to the citizens of the County of Hawai'i. I respectfully request the Council's approval of this bond request. Please contact departments directly for additional information on specific projects. If there are any questions regarding the bond authorization, please do not hesitate to contact Nancy Crawford at 961 -8234. Aloha, illiam P.�noi Mayor Attachments County of Hawaii is an Equal Opportunity Provider and Employer.