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JNtv.os$$$ u• �+;' Randall M.Kurohara �• � Managing Director William P.Kenoi Mayor Robert H.Command •+r , .•:�'�`�; Deputy Managing Director CIinznfg .i. �u x `t ®ffi1 of tip Atatur 25 Aupuni Street,Suite 2603 • Hilo,Hawaii 96720 • (808)961-8211 • Fax(808)961-6553 KONA: 74-5044 Ane Keohokalole Hwy.,Bldg.C • Kailua-Kona,Hawai`i 96740 (808)323-4444 • Fax(808)323-4440 April 15, 2016 Dru Kanuha, Council Chair and Members of the Hawai`i County Council Hawai`i County Council 25 Aupuni Street Hilo, Hawai`i 96720 Re: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds Attached for your consideration is a bill authorizing the issuance of up to $10,600,000 in general obligation bonds for the County of Hawai`i for capital improvement projects, which includes $100,000 for cost of issuance. These bonds would be issued for Organics Processing Facilities. The proposed project will allow for the construction of a full scale composting facility to be constructed at the South Hilo Sanitary Landfill and for a receiving and processing facility to be constructed at the West Hawaii Sanitary Landfill. Our County's debt service capacity has been reviewed to ensure we have the capacity to issue additional bonds up to the requested amount. With this authorization of$10,600,000, our debt service percentage will be approximately 12.72%. This percentage is within our GFOA guideline that debt service expenditures should be below 15% of total expenditures each year. We request that this bill be waived from the Finance Committee and be placed on the May 4, 2016 Council agenda due to the time sensitive nature of this matter. If there are any questions, please do not hesitate to call Deanna Sako or Lisa Miura at 961-8234. William P. Kenoi Mayor Attachment <ei \\ (16 Comm. No. O p C Ref. To: USIA-4.w �` �- Ref. Dote AP�15 Zu 5 County of Hawaii is an Equal Opportunity Provider and Employer.