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<br /> Ha Kim ~Sp<Y 06 N,~ <br /> „-y ~ William Takaba <br /> Director <br /> Mayor I <br /> YE Op~Ht~ <br /> County of ~Iawaii <br /> Finance Depart><nent <br /> 25 Aupuni Street, Room 118 • Hilo, Hawaii 96720 <br /> (808)961-8234 • Fax (808)961-8248 <br /> May 1, 2001 <br /> Honorable James Arakaki, Chairperson and <br /> Members of the County Council <br /> Hawaii County Council - <br /> 25 Aupuni Street <br /> Hilo, Hawaii 96720 <br /> Re: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds <br /> Enclosed is a bill for an ordinance authorizing the issuance of $8,000,000 General <br /> Obligation Bonds of the County of Hawaii for the purpose of financing various water system <br /> improvements of the Department of Water Supply. The Department of Water Supply <br /> retained the consulting firm, R.W. Beck, of Seattle, WA. to prepare a comprehensive water <br /> rate study that resulted in the recommendation of new rates. The Water Board took action <br /> and adopted the rate study recommendations on February 27, 2001. <br /> Included in the study was afive-year capital improvement spending program totaling <br /> approximately $59.2 million. One of the key assumptions in the development of the water <br /> rates was the issuance of General Obligation Bonds over the five year period in the amount <br /> of $30.0 million, and further that the first issuance would be done by the end of fiscal year <br /> 2000-2001 in the amount of $7.5 million. The request for $8.0 million is to provide sufficient <br /> funds to pay for the Department's share of bond issuance costs. <br /> If there are any questions, please do not hesitate to call the Department of Water Supply. <br /> ~qnI <br /> '(rte <br /> William T. Ta aba <br /> Director of Finance <br /> APPROVED: <br /> fT <br /> Harry Kim <br /> Mayor <br /> Enc. Noe <br /> Cc: Department of Water Supply F°ile No. a <br /> r I~r ~ ~ lief. ~o: ~ Ce <br /> ~ i~iAY, 2Q0~ <br /> <br />