Loading...
HomeMy WebLinkAboutCOM 0342.002 2000-2002 J~sv oa M~ Harry Kim William Takaba Mnyor ~,IdJ~r Director O~ ,f Nancy E. Crawford BT.;~ Deputy Director Opt OF°Mpay County of I~a~vaii Finance Department 25 Aupuni Street, Room ] l8 • Hilo, Hawaii 96720 (808)961-8234 • Fax (808)961-8248 September 18, 2001 Honorable James Arakaki, Chairperson and Members of the County Council Hawaii County Council 25 Aupuni Street Hilo, Hawaii 96720 Re: Proposed Refunding Plan for Improvement District No. 17, Kaloko Subdivision I have received and reviewed the Petition dated September 6, 2001 submitted by MID Corporation and TSA Corporation regarding the proposed refunding of outstanding indebtedness of Improvement District No. 17, Kaloko Subdivision. Sased on my review of the Petition, I concur with the Petitioners' conclusion that the debt service savings resulting from the proposed refunding will be beneficial to the Improvement District and the property owners within the Improvement District. I recommend that consideration be given to the proposed refunding as expeditiously as possible so as to realize these benefits. To further expedite the process in light of the tight time schedule, a copy of which is attached, I request that the Council at its meeting on the 25th of September also authorize this Administration to retain First Albany Corporation as underwriter and the Law firm of McCorriston Miller Mukai MacKinnon LLP as bond council and Pacific Century firust as paying agent. fihese firms have been working with the Petitioner or the Improvement District 17 and are prepared to move forward quickly with this project. William Takaba Director of Finance APPROVED: l C Harry Kim • M a o r Comm, Noe ~ _ Y Ffile No. Enc. I~f, ~`ot ~r~r~a;g~,~ L0~1 Rif. Date ~ - DATES/TASKS Week of September 17 Engage Bond Counsel and Underwriting Council to begin drafting documents Week of September 24 Tuesday, September 25 County Council Meeting u Adopt Resolution directing Chief Engineer to review and report on requested refunding Week of October 1 Distribute first draft of Offering Documents Week of October 8 Monday, October 8 Columbus Day Conference Call to discuss first Drafts Week of October IS Monday, October 15 Deadline to place Engineer's Report and Refunding Resolution on Finance Committee Agenda Distribute second draft of Offering Documents Week of October 22 Tuesday, October 23 Finance Committee Meeting u Review Engineer's Report and Refunding Resolution Conference Call to discuss second Drafts Week of October 29 Distribute documents to Rating Agencies/Bond Insurers Week of November 5 Wednesday, November 7 Thursday, November 8 County Council Meeting u Adopt Resolution 1st Notice of Public Hearing Week of November 12 Thursday, November 15 Finalize all Documents 2nd Notice of Public Hearing Week of November 19 Thursday, November 22 Friday, November 23 Thanksgiving Day Public Hearing Receive Ratings and Insurance Bids Week of November 26 Monday, November 26 Mail POS Deadline to place Ordinance on the Council Agenda Market Bonds Week of December 3 Wednesday, IDecember 5 Thursday, December 6 County Council Meeting a Adopt Ordinance Price Bonds Week of December 10 Week of December 17 Wednesday-Thursday, December 19/20* Pre-Closing/Closing *Notice must be given between 30 and 45 days before the 2/1/2002 call date that the bonds will be called. (December 18th to January 2nd) We plan to issue this notice on the day we close the bonds.