HomeMy WebLinkAboutCOM 0342.001 2000-2002 MID CORPORATION
TSA CORPORATION
1441 Kapiolani Boulevard, Suite 1905
Honolulu, Hawaii 96814-4408
Telephone: (808) 955-1123
Facsimile: (808) 955-1192
September 18, 2001
Honorable Aaron S.Y. Chung
Chair, Finance Committee
Hawaii County Council
25 Aupuni Street
I-Iilo, Hawaii 96720
Re: Petition for Refunding of Outstanding Indebtedness of
Improvement District No. 17, Kaloko Subdivision
Dear Sir:
1\~ Corporation and TSA Corporation have petitioned the County Council for authorization
to proceed with a proposed refunding of the outstanding indebtedness of Improvement District No.
17, Kaloko Subdivision, consisting of a prior issue of special assessment bonds by the County. The
proposed refunding involves the issuance of a new series of special assessment bonds to refund the
outstanding bond issue by call for redemption.
On behalf of the petitioners, I am writing to request your assistance in expediting this matter
by waiving the initial action on the matter to the full Council for consideration on the earliest
available meeting date. Tl~e reason for this request is that significant debt service savings will be
achieved if the outstanding bonds are called for redemption on the next available redemption date,
which is February 1, 2002. In order for this to occur, it will be necessary for the new refunding bonds
to be issued by some time in December so that the bond proceeds are in hand in time for the necessary
redemption notices to be given to the outstanding bondholders.
The initial action on this matter will be for the Council to direct the Chief Engineer to prepare
a report on the proposed refunding. In view of the subsequent Council proceedings which will be
required for the refunding, we are concerned that it will be difficult for the new refunding bonds to
be issued in time unless this initial action is taken as soon as possible.
We believe, and hope you will agree, that waiving consideration of the initial action to the
full Council will be beneficial under these circumstances. Such a waiver will~llow the required
mrrA. N~,
File No. ,
Ref.
def. ~a ~ ~ ~~t~l
Honorable Aaron S.Y. Chung
September 18, 2001
Page 2
proceedings to get started quickly so that the benefits of the refunding can be achieved. It will not
limit in any way the Council's ability to consider the substantive merits of the proposed refunding in
the course of the subsequent proceedings on the matter.
Thank you for your consideration of this request.
Very truly yours,
j.,
Hideki Hay i, President