HomeMy WebLinkAboutCOM 0215.000 2000-2002
Ha Kim ~Sp<Y 06 N,~
„-y ~ William Takaba
Director
Mayor I
YE Op~Ht~
County of ~Iawaii
Finance Depart><nent
25 Aupuni Street, Room 118 • Hilo, Hawaii 96720
(808)961-8234 • Fax (808)961-8248
May 1, 2001
Honorable James Arakaki, Chairperson and
Members of the County Council
Hawaii County Council -
25 Aupuni Street
Hilo, Hawaii 96720
Re: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds
Enclosed is a bill for an ordinance authorizing the issuance of $8,000,000 General
Obligation Bonds of the County of Hawaii for the purpose of financing various water system
improvements of the Department of Water Supply. The Department of Water Supply
retained the consulting firm, R.W. Beck, of Seattle, WA. to prepare a comprehensive water
rate study that resulted in the recommendation of new rates. The Water Board took action
and adopted the rate study recommendations on February 27, 2001.
Included in the study was afive-year capital improvement spending program totaling
approximately $59.2 million. One of the key assumptions in the development of the water
rates was the issuance of General Obligation Bonds over the five year period in the amount
of $30.0 million, and further that the first issuance would be done by the end of fiscal year
2000-2001 in the amount of $7.5 million. The request for $8.0 million is to provide sufficient
funds to pay for the Department's share of bond issuance costs.
If there are any questions, please do not hesitate to call the Department of Water Supply.
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William T. Ta aba
Director of Finance
APPROVED:
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Harry Kim
Mayor
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DEPARTMENT OF FINANCE
REQUEST FOR COUNCIL ACT,~ON
DEPARTMENT: WATER SUPPLY DATE: Apri 1 30, 2001
STAFF CONTACT : Richard Tsunoda PHONE : 961-8050
A . REt?UEST
The Department of Water Supply requests the issuance and sale of General
Obligation Bonds of the County of Hawaii, in the principal amount of
$8,000,000.
B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEEN'S AS NEEDED):
The Department of Water Supply retained the consulting firm, R. W. Beck,
of Seattle, WA. to prepare a comprehensive water rate study that resulted
in the recommendation of new rates. Following the completion and review
of the study the dater Board of the Department of Water Supply took action
and adopted the rate study recommendations on February 27, 2001.
Included in the study is a five-year capital improvement spending program
totaling approximatesly $59.2 million. One of the key assumptions in the
development of the water rates was the issuance of General Obligations
Bonds over the five-year period in the amount of $30.0 million, and further
that the first issuance would be done by the end of fiscal-year 2000-2001
in the amount of $7.5 million. The request for $8.0 million is to provide
sufficient funds to pa,~ for tha Deaartment's share of pond issuance costs.
SIGNED : DATE : 04/30/01
Department Head