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.OJ�tY OF,,, '., Wil Okabe <br /> • o;•�; ., <br /> • <br /> in ,1; <br /> ,'�t�%v Managing Director <br /> Harry Kim l+ k��� i+ <br /> Mayor . - -''� `_- <br /> � Barbara J.Kossow <br /> v. <br /> *)..14w•a;t'�`` ' Deputy Managing Director <br /> Tf OF MO,�= <br /> County of Hawai l <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 Ane Keohokalole Hwy.,Bldg.C • Kailua-Kona,Hawai`i 96740 <br /> (808)323-4444 • .Fax(808)323-4440 <br /> April 20, 2018 <br /> x <br /> N3 ..<'""t.,Cr"‘. • <br /> Valerie Poindexter, Council Chair.and -lel <br /> Members of the Hawai`i County Council • z rn <br /> Hawai`i County Council <br /> 25 Aupuni Street • <br /> Hilo, Hawaii 96720' <br /> Re: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds <br /> Attached for your consideration isa bill authorizing the issuance of up to $30,500,000 in general <br /> obligation bonds for the County of Hawaii for capital improvement projects,which includes <br /> $500,000 for cost of issuance. <br /> These bonds would be issued for-the Department of Parks and.Recreation Americans with <br /> Disabilities Act (ADA)projects'as required by the transition plan that was agreed to with the <br /> Court. There are 17 projects'remaining to be completed under the agreement. The projects need <br /> to be completed by 2020. Since the Department of Parks and Recreation will be working in <br /> these 17 park locations to do the ADA work, we believe that it would be most cost effective to <br /> complete other required work at the same time. The ADA portion of the work is $24,000,000 <br /> and the non-ADA work is $6,000,000. <br /> Our County's debt service capacity has been reviewed to ensure we have the capacity to issue <br /> additional bonds up to the requested amount. With this authorization of$30,500,000, our debt <br /> service percentage will be approximately 12.95%. This percentage is within our GFOA guideline <br /> that debt service expenditures should be below 15% of total expenditures each year. <br /> We request that this bill be waived from the Finance Committee and be placed on the May 9, <br /> 2018 Council agenda due to the time sensitive nature of this matter. In addition, we request that <br /> the five day hold be waived; so'that the construction contracts can be encumbered in a timely <br /> manner. If there are any questions, please do not hesitate to call Deanna Sako at 961-8234. <br /> Harry Kim 1 1 7 <br /> Mayor Comm. No. G <br /> Ref. To: L wA tC) <br /> Attachment Ref. Date APR 2 5 0 <br /> `-'(0> ' =County of Hawaii is an Equal Opportunity Provider.and Employer. ' <br />