HomeMy WebLinkAboutCOM 0572.005 2002-2004 MtY Os N,
~'•''~'~~~'~o Phone: 848 961-8396
AARON S.Y. CHUNG ~ i,,;E ~ ~ )
('aunrilmcmher 'F3X'; '(808}961-8912
..;4. z:uui finY f 11 try
...e
l7T' Of ~N
HAWAI `L COUNTY COUNCIL ~ ~ ~ ~
Co1~nh= oJ'Hawui'i
l&n~re) (7nuv,c RnfIJing
~ .fupum Slreei, .S'uitr ~Ol
Hilo. lluuvl7 'J6 _.'o
May 6, 2004
MEMORANDUM
TO: James Y. Arakak~i, CLh~air, and Council Members
FROM: Aaron Chung ,f~~ ~S~~
SUBJECT: Amended Dmft 3, Bill 254, A Bill Authorizing the Issuance of General Obligation Bonds
For your review and consideration, 1 am submitting a Draft 3 of Bill 254, a bill authorizing the issuance of
$40 million in general obligation bonds for the purpose of financing various road and highway
construction projects.
Subsequent to the proposed amendments discussed by Council members during first reading of Bill 243
on May 5, Finance Director William "fakaba brought to the attention of Program/Fisca] Review Auditor
Rory Flynn an additional revision proposed by bond counsel, as follows:
On page 6, Section l2, the first clause of the second sentence shall read: `9n the event that insurance is
obtained by the purchaser of such bonds;' thereby replacing `9n the event the Bonds of a series are
determined by the Director of Finance to be sold at competitive sale and the original purchaser of such
Bonds obtains insurance for the payment of the principal of and interest on such Bonds,
1 thank you for your consideration of this amendment. Please contact me if you have any questions about
Draft 3, Bill 254.
AC/rf
Atrtachment
Hawaii Crnmty is an Equal Opporttmity Proviaer and Fictployer
Comm. No. 1 T.• S--
Ref. To:
Ref. Uate ~