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Walter K.M.Lau <br /> �"�%ate Managing Director• <br /> William P.Kenoi ' � . <br /> Mayor - '—r_ <br /> Randall M.Kurohara <br /> •=•..• <br /> ?'• rr+ V. Deputy Managing Director <br /> F OF y1F. <br /> County of Hawai`i <br /> Office of the Mayor <br /> 25 Aupuni Street,Suite 2603 • Hilo,Hawai`i 96720 • (808)961-8211 • Fax(808)961-6553 <br /> KONA: 74-5044 Me Keohokalole Hwy.,Bldg.C • Kailua-Kona,Hawai`i 96740 <br /> (808)323-4444 • Fax(808)323-4440 <br /> Nov. 14, 2013 <br /> The Honorable J Yoshimoto, Chairman, and <br /> Members of the Hawai`i County Council <br /> 25 Aupuni Street <br /> Hilo, Hawaii 96720 a =- <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 $61,000,000 in general <br /> obligation bonds for the County of Hawai`i for capital improvement projects, which includes <br /> $500,000 for bond issuance costs. <br /> This remains an excellent time to invest in County infrastructure to save money for county <br /> taxpayers, and to create jobs for our working families. Interest rates remain at near-record low <br /> levels, and County government has an opportunity today to boost the local construction industry <br /> while investing in parks, roads and other important projects to better serve our communities. <br /> This request puts special emphasis on park infrastructure to provide more positive, organized <br /> activities and mentoring for our young people. We must continue to provide our youth and <br /> families with recreational opportunities in their neighborhoods to strengthen our communities. <br /> The County's debt service capacity has been analyzed to ensure we have the capacity to issue <br /> additional bonds up to the requested amount. With this authorization of$61,000,000, our debt <br /> service percentage will be approximately 13.37%. This percentage is within the GFOA <br /> guideline that debt service expenditures should be below 15% of total expenditures each year. <br /> I respectfully request the Council's approval of this bond request. <br /> Aloha, <br /> William P. Kenoi <br /> MAYOR <br /> Attachments Comm. No. 5-3.Z <br /> Ref. To: I=L <br /> 00'%1t 1 C L\ County of Hawai`i is an Equal Opportunity Provider and Employer. Ref. Date ''+'�V 1 5 2013 <br /> �J ) <br />