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M(Y O~ y <br /> <br /> Harry Kim ` ~4'~+1~. William Takaba <br /> ~~>m'or Director <br /> Nancy E. Crawford <br /> ~i'•. M!t°N~ 1 i' Uireclor <br /> ~ Oi M~ <br /> County of Hawaii <br /> Finance Department <br /> 25 Aupuni Strcel, Room 118 • Hilo, Hawaii 96720 <br /> (808)961-8234 Fax (80R)961-8248 ~ . <br /> April 18, 2005 - <br /> Stacy Higa, Chairman, and <br /> Members of the Hawaii County Council <br /> Hawaii County Council <br /> 25 Aupuni Street , <br /> Hilo, HI 96720 <br /> Subject: Finance Committee Agenda for April 19, 2005 <br /> Bill 79, Authorizing the Issuance of General Obligation Bonds for Land <br /> Acquisition <br /> On Friday the Finance Department forwarded an e-mail from our bond counsel, Brian Hirai, to <br /> County Clerk, Connie Kiriu. 'the purpose of Mr. Hirai's e-mail was to point out some technical <br /> concerns that he had with Bill 79 and provide suggested changes. <br /> The administration would like to clarify that although Mr. Hirai's concerns were submitted for <br /> the purpose of improving the bill's content and format, we continue to oppose the selling of <br /> bonds and placing the proceeds in a special fund for the purpose of acquiring property at some <br /> future date. According to Mr. Hirai, doing this would raise arbitrage and tax exemption <br /> questions with the ]eternal Revenue Service. A letter stating these concerns has been sent to you <br /> from Mayor Harry Kim. <br /> Thank you very much for this opportunity to clarify this matter. <br /> William T kaba <br /> Director <br /> (AP~~P;R~OyV~E~^DJ: <br /> Harry Kim <br /> G Mayor <br /> Comm. No. Z~9.1 <br /> Ref. To: -P~re~~,,~Cr~ <br /> Rif. iat~ Nt't( t y [uu9~ <br /> <br />