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William P. Kenoi � I`\�yj-;� Nancy DE eCrrawford <br /> :� ,t ctor <br /> Mayor • //��\ '� • <br /> :11l� <br /> Deanna S. Sako <br /> ir qw )* Deputy Director <br /> 44 0;•N1.d►_. <br /> • <br /> County of Hawaii <br /> Finance Department <br /> 25 Aupuni Street, Suite 2103 • Hilo,Hawaii 96720 <br /> (808)961-8234 • Fax(808)961-8569 <br /> December 4, 2012 <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 /> Re: Bill for an Ordinance authorizing the Issuance of General Obligation Refunding Bonds <br /> Attached for your consideration is a bill for an ordinance authorizing the issuance of general <br /> obligation refunding bonds, not to exceed $60,000,000.00 for the purpose of refinancing outstanding <br /> County debt in the form of bonds that were issued and loans that were acquired at higher interest <br /> rates. <br /> Interest savings due to refinancing are expected to be noteworthy. As an example, the 2003 Series A <br /> bond issue is expected to save an estimated average of$300,000 per year for the next twelve years. <br /> In total, we expect to save approximately $7.6 million in cash flow savings. Refinancing candidates <br /> being considered include the 2003 and 2004 bond issues, a housing loan, an improvement district <br /> project, and several state revolving fund loans for wastewater projects. <br /> In order to meet our scheduled bond sale date and take advantage of anticipated favorable sales <br /> conditions in January 2013, we are requesting that this bill be waived from the Finance Committee <br /> and be placed on the December 19, 2012 Council agenda. <br /> If you have any questions, please feel free to contact Mike Okumoto at 933-6240, or me at 961-8234. <br /> 5-"N <br /> Nancy awford <br /> Director of Finance <br /> APPROVED <br /> William P. Kenoi <br /> Mayor <br /> Enc. Comm: N�o 7 <br /> Ref. To. <br /> 3•It 1O> Ref. Date <br /> Hawaii County is an Equal Opportunity Provider and Employer <br />