HomeMy WebLinkAboutCOM 0209.001 2004-2006 M(Y O~ y
Harry Kim ` ~4'~+1~. William Takaba
~~>m'or Director
Nancy E. Crawford
~i'•. M!t°N~ 1 i' Uireclor
~ Oi M~
County of Hawaii
Finance Department
25 Aupuni Strcel, Room 118 • Hilo, Hawaii 96720
(808)961-8234 Fax (80R)961-8248 ~ .
April 18, 2005 -
Stacy Higa, Chairman, and
Members of the Hawaii County Council
Hawaii County Council
25 Aupuni Street ,
Hilo, HI 96720
Subject: Finance Committee Agenda for April 19, 2005
Bill 79, Authorizing the Issuance of General Obligation Bonds for Land
Acquisition
On Friday the Finance Department forwarded an e-mail from our bond counsel, Brian Hirai, to
County Clerk, Connie Kiriu. 'the purpose of Mr. Hirai's e-mail was to point out some technical
concerns that he had with Bill 79 and provide suggested changes.
The administration would like to clarify that although Mr. Hirai's concerns were submitted for
the purpose of improving the bill's content and format, we continue to oppose the selling of
bonds and placing the proceeds in a special fund for the purpose of acquiring property at some
future date. According to Mr. Hirai, doing this would raise arbitrage and tax exemption
questions with the ]eternal Revenue Service. A letter stating these concerns has been sent to you
from Mayor Harry Kim.
Thank you very much for this opportunity to clarify this matter.
William T kaba
Director
(AP~~P;R~OyV~E~^DJ:
Harry Kim
G Mayor
Comm. No. Z~9.1
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