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MtV O/ <br /> yL~ "4 <br /> <br /> Harry Kim ,pixie Kaetsu <br /> Mayor <br /> Managing Director <br /> • 1 t r~ <br /> ~';:'d. P~t`~r C;.7-lenf~><t~ ks <br /> Deputy Managing Director <br /> ~ouutp of ~aiuai`i ~~lc.'._, <br /> 25 Aupuni Street, Room 215 Hilo, Hawaii 96720-4252 • (808) 961-8211 Fax (808) 961-6553 <br /> KONA: 75-5706 Kuakini Highway, Suite 103 Kailua-Kona, Hawaii 96740 <br /> (808)329-5226 • Fax (808)326-5663 <br /> April 17, 2005 <br /> The Honorable Stacy Higa, Chairperson, and Members <br /> Hawaii County Council <br /> 25 Aupuni Street <br /> Hilo, Hawaii 96720 <br /> Re: Finance Committee Agenda for April 19, 2005 <br /> Bill 79, Authorizing the Issuance of General Obligation Bonds for <br /> Land Acquisition <br /> Thank you for the opportunity to comment on Bill 79. This Bill would authorize the issuance <br /> of up to $10 million in general obligation bonds to be used for acquiring lands or property <br /> entitlements to preserve the public's access to and enjoyment of public lands and open space. <br /> There are many requirements established by the federal government that state and local <br /> entities must comply with to maintain the tax exempt status of their bonds and to make sure <br /> that no liability for arbitrage is created. <br /> William Takaba, the Finance Director, has discussed this bill with the County's Bond <br /> Counsel, Brian Hirai. Mr. Hirai has advised Mr. Takaba that selling bonds and placing the <br /> proceeds in a special fund for the purpose of acquiring property at some future date could be <br /> considered a "premature issuance" and would certainly raise arbitrage and tax exemption <br /> questions. Mr. Hirai advises against this. <br /> Based on this advice, I cannot support this bill. <br /> I continue to support site-specific measures to acquire important lands, such as Honu`apo. <br /> When a parcel is identified as worthy of public acquisition, a specific appropriation should be <br /> made and funding acquired for that specific site. <br /> Thank you for considering my comments on Bill 79. <br /> Alo a, I <br /> ~~1/t2~/1 L Q <br /> any Kirrh- Comm. No. 209• Z <br /> MAYOR Ref. To: <br /> Ref. Date APR- <br /> APR-^-- <br /> cc: William Takaba, Director of Finance <br /> Hawaii County is an equal opportunity provider and employer. <br /> <br />