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HomeMy WebLinkAboutCOM 0037.005 2002-2004 LENINGRADELARIONOFF •`Y OS"+~ Phone: (808) 961-8265 CuuncilMember `~-"'~~~Y6C Pax: (808) 961-8912 • ..4•:.. Oi~MI.'I COUNTY COUNCIL County ojHawui'i Hawaii Covnlp Building 2~ Aupuni Streei Hilo. Hawaii 967?0 ~ RE_~fJ~.'i~ ~•~y ~t~------- I J"' Gwn*y Counc4f January 22. 2003 I~O: Council M ers^ t I FROM: ~e mgra ,art off, hair Committee on Pu lie Works a Intergovernmental Relations RE: Rill No. 45 General Oblieation Bonds This is to request your favorable consideration of an amendment to Bill No. 45 by increasing the authorized bond amount by $550.000 to be used specifically for the completirni of Waikoloa Ho'oko Street Park. In 1996, the Council appropriated monies for the development of a halltield-type of park in Waikoloa. The Count} purchased materials for portions of the project and the community volunteered their labor. However, before the Park was completed, funding was transferred to other parks projects. The Waikoloa Ho`oko Park sits incomplete and without funding. The amendment, inclusive of the Pahoa Village Resource Park and the South Hilo landfill closure, would read as follows: "SECTION 1. Findings and Determinations. The County Council has determined to authorize the issuance and sale of general obligation bonds (the "Bonds") of the County in a principal amount not to exceed [$14.000.000] $22,300,000, 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, [and] the Americans with Disabilities Act (ADA) Parks Facilities Compliance project the Pahoa Villas;e Resource Park the South Hilo landfill closure and the Waikoloa Hobko Street Park, which are authorized by Ordinance Nos. 00-64. O1-Sfi and 02-77, as mnendedprovided that 50,000, $6 000,000 and $550,000 of the monies or the actual amounts necessary, Hhichcver is less, arc allotted towards the Pahoa Village Resource Park the South Hilo landfill closure, and the Waikoloa Ho'oko Street Nark. respectioelX. It is hereby further found and determined that it is advisable and in the best interest of the County to authorize the issuance and sale of general obligation bonds of the County in the maximum principal amount of x$14.000,000] $22 300, the proceeds derived from the sale of which shall he used as for the purposes hereinabove described. Comm. No.~ Ftile No. +®3 Re . To: xef. Date~1AN 2 ~ 2003 Puce Two January 22, 2003 SEC"PION 2. Authorization of k3onds. There are hereby authorized for issuance and sale Bonds of the County in a principal amount not to exceed [$14,OOQ000~ $22,300,000 in the aggregate, the proceeds derived from [he 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 [3onds. "