HomeMy WebLinkAboutCOM 0632.000 2002-2004 Miv or
Harry Kim ~_c~ ~ ~~~r. William Takaba
Mayor Director
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Nancy E. Crawford
~i~•.~ Deputy Director
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County of Hawaii
Finance Department
25 Aupuni Strcet, Room 118 • Hilo, Hawaii 9fi720
(808) 961-8234 • Fax (808) 961-8248
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May 19, 2004
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Honorable James Arakaki, Chairperson and -
Members of the County Council
Hawaii County Council
25 Aupuni Street
Hilo, Hawaii 96720 `J
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Re: Ordinance Authorizing the Issuance of General Obligation Refunding Bonds
Enclosed is a bill for an ordinance authorizing the issuance of general obligation refunding
bonds for the purpose of refunding all or a portion of the County's outstanding general
obligation bonds. This authorization will allow the Director of Finance to take advantage of
low interest rates to refund existing higher rate bonds. All existing general obligation bonds
are referenced in the ordinance, but refunding will only be considered on those bonds that
would provide an opportunity for debt service savings and other benefits for the County.
Broad authorization for refunding bonds will shorten the time required to initiate a refunding
when it is deemed appropriate.
If there are any questions, please do not hesitate to call Mike Okumoto, Treasurer.
William T <aba
Director o Finance
APPROVED:
Harry Kim
Mayor
Enc.
Comm. No.
Ref. To:
Ref. Date, I"IAl ti 1