HomeMy WebLinkAboutCOM 0037.008 2002-2004
AARON S.Y. CHUNG "~~"'4, c
~?'•",y""••.,, Phone: (808) 961-83)6
Crnm<~rlmember b;~ Faa: (808) 9(>1-R912
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COUNTY COUNCIL
County c~/~Huwai'i
Huwai'i County Building
25 Aupuni Slreei
Hilo, Hawaii 96720
January 24, 2003
TO: Council Members ~
FROM: Aaron S.Y. Chung, Chair P1W"o'
Committee on Finance VVV"""
RE: Bill No. 45, Draft 2
General Obligation Bonds ($17,050,000)
This is to transmit Bil I No. 45. Draft 2, which was the result of amendments made at the Council's
meeting of January 23, 2003. The amendments are shown in Ramseyer forniat as follows:
SECTION 1. Findings and Determinations. l~he County Council has determined to
authorizx die issuance and sale of general obligation bonds (the "Bonds of the County in a
principal amount not to exceed ($14,000,000] $17,050,000, the proceeds derived from the sale of
which are to be expended by the County to finance the Kahului-Keauhou Parkway (also called
Ali'i Parkway or Ke Ala O Keauhou), the American with Disabilities Act (ADA) Ramp
Compliance project. the Americans with Disabilities Act (ADA) Parks Facilities Compliance
project, the Pahoa Village Resource Park, the Waikoloa Ho'oko Street Park, and the Public
Safety Complex Evidence Warehouse/Radio Shop Complex, which are authorized by Ordinance
Nos. 00-64, 01-56 and 02-77, as amended; provided that $1,250,000 and $550,000 of the monies
or the actual amounts as necessary, whichever is less, are allotted towards the Pahoa Villa
Resource Park and the Waikoloa Ho'oko Street Park, respectively. It is hereby further ftmnd and
determined that it is advisable and in the best interest of the County to authorize the issuance and
salt of general obligation honds of the County in the maximum principal amount of
I$14,000,000~ $17,050,000, the proceeds derived from the sale of which shall be used as for the
purposes hereinabovc described.
SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale
Bonds of the County in a principal amount not to exceed [$14,000,000] $17,050,000 in the
aggregate, the proceeds derived from the sale of which shall be used and expended by the County
to pay all or a part of the costs of the authorized public improvements referred to in Section I
hereof and all or a part of the costs incurred by the County in connection with the issuance of the
Bonds.
nu.
.~i i ~ ~ ; Comm. No. 3 7.
File No. 8
Ref. To:Ceunei
Ref. Date .IAN 2 7 2003 _