HomeMy WebLinkAboutCOM 1048.000 2018-2020Harry Kim
Mayor
August 13, 2020
County of Hawaii
Finance Department
25 Aupuni Street, Suite 2103 • Hilo, Hawaii 96720
(808) 961-8234 • Fax (808) 961-8569
Aaron Chung, Council Chair and
Members of the Hawaii County Council
Hawaii County Council
25 Aupuhi Street
Hilo, Hawaii 96720
Deanna S. Sako
Director
Steven A. Hunt
Deputy Director
Re: Bill for an Ordinance authorizing the Issuance of General Obligation Refunding Bonds
Attached for your consideration is a bill for an ordinance authorizing the issuance of general obligation
refunding bonds, not to exceed $356,975,000 for the purpose of refinancing outstanding County debt in
the form of bonds that were issued at higher interest rates.
We will be issuing bonds in the coming months and continue to monitor outstanding bonds to determine
if any savings can be realized by refunding.
In order to meet our scheduled bond sale date and take advantage of anticipated favorable sales
conditions in October 2020, we are requesting that this bill be waived from the Finance Committee and
be placed on the September 2, 2020 Council agenda. Additionally, due to this impending and critical
deadline, we request that Council waive its five-day reconsideration period and process the bill
immediately upon approval.
If you have any questions, please feel free to contact Chris Nakano at 933-6240, or me at 961-8234.
Deanna S. Sako
Director of Finance
APPROVED
1017
Harry Kim
Mayor
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Hawaii County is an Equal Opportunity Employer and Provider
MAILE MEDEIROS DAVID
Chairperson
HERBERT M. "TIM" RICHARDS, I'll,
Vice Chair
AARON S.Y. CHUNG
KAREN EOFF
MATT KANEALI`I-KLEINFELDER
ASHLEY L. KIERKIEWICZ
SUSAN L.K. LEE LOY
VALERIE T. POINDEXTER
REBECCA VILLEGAS
HAWAII COUNTY COUNCIL
County of Hawai `i
Hawai `i County Building
25 Aupuni Street
Hilo, Hawai `i 96720
August 17, 2020
Aaron S.Y. Chung, Council Chair
Hawaii County Council
25 Aupuni Street
Hilo, Hawaii 96720
RE: Bill No. 191 : AN ORDINANCE AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF HAWAII FOR THE
PURPOSE OF REFUNDING CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS
AND NOTES; FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS
OF SUCH REFUNDING BONDS AND PROFIDING FOR THEIR SALE TO THE PUBLIC;
PROVIDING FOR THE RETIREMENT OF THE BONDS TO BE REFUNDED; AND
AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE ISSUANCE
AND SALE OF THE REFUNDING BONDS AND THE RETIREMENT OF THE BONDS TO
BE REFUNDED.
Pursuant to Section 2(g) of Rule 4 of the Rules of Procedure of the Council of the County of
Hawaii, this written request is submitted with my approval that the above -referenced matter be
waived from the Committee on Finance to the full Council for- immediate action. In reviewing
this matter, timely approval is crucial. It is therefore advantageous that approval is granted and
the matter be placed onto the next Council agenda for review. However, in the event this request
is denied, for whatever reason, I understand the matter shall be referred to the Committee on
Finance for placement on its future agenda.
Sincerely,
e
Ic Maile David, Chairperson
Committee on Finance
`(AD-Drovedbate/Waive to Council:
Disapproved/Date/Refer to FC:
Aaron-S.Y. Chung, Council Chair Aaron S.Y. Chung, Council Chair
Hawaii County Council AUG 17 2020 Hawaii County Council
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Hawai `i County is an Equal Opportunity Provider and Employer