HomeMy WebLinkAboutCOM 0804.010 1998-2000
Stephen K Yamashiro Harry A. Takahashi
Mayor Managing • Henry Cho
? - Deputy Managing Directs
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COUNTY OF HAWAII
25 Aupuni Street, Room 215 • Hilo, Hawaii 96720-0252 • (808) 961-8211 • Fax(808)961-6553
KONA: 75-5706 Kuakini Highway, Suite 103 • Kailua-Kona, Hawaii 96740
(808) 329.5226 • Fax(808)326-5663
August 11, 2000
Honorable James Arakaki, Chairman
Hawaii County Council
25 Aupuni Street
Hilo, Hawaii 96720
Re: Bill 275, Draft 2, Relating to the Authority to Issue $8 Million in General
Obligation Bonds
Pursuant to the provisions of Section 3-12 of the Hawaii County Charter, I am
allowing Bill 275, Draft 2, to become effective as an ordinance without my
signature.
Bill 275, Draft 2, authorizes the issuance, sale, use and expense of $8,000,000 in
general obligation bonds and anticipation notes of the County of Hawaii for the
purpose of financing a radio communications system. It is my understanding that
this bill was not drafted nor reviewed by bond counsel and as such has not been
approved as meeting federal tax requirements for tax-exempt status.
I am also concerned that this issue is very restrictive in the use of the proceeds.
Bond counsel's opinion relating to implications of such restrictions should be
obtained prior to commencement with any issuance.
Upon the bill becoming effective as an ordinance, we will submit said ordinance
to bond counsel for their review. Upon receipt of a clean opinion to issue the
bonds and that the aforementioned concerns are resolved, we will then proceed
issuance.
Sincerely,
j&4
Stephen K. "mashiro
ey VIP
Mayor Comm. 1\0.
File No._-^--'~
Ref. To:
Ref. Date AUB 1 4 2000