HomeMy WebLinkAboutCOM 0622.000 2006-2008 +tv or p
Harry Kim ~ ••'~'•.o William Takaba
Mayor ~ Director
. + Nancy E. Crawford
i'•. ` Deputy Director
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County of Hawaii -
Finance Department
M8111n9 Addre55: 25 Aupuni SVee[, Room 118 • Hilo, Hawaii 96720
Office Loca[eA at 891 Ululani S[ree[ • Hilo, Hawaii 96720
(808) 961-8234 • Fax (808) 961-8248
August 20, 2007
Pete Hoffmann, Chairman
and Members of the Hawaii County Council
County of Hawaii
25 Aupuni Street
Hilo, HI 96720
Re: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds
Enclosed is a bill for an ordinance authorizing the issuance and sale of General Obligation Bonds
of the County of Hawaii, in the principal amount of $147,000 for the Department of Water
Supply's (DWS) Andrade Camp water system improvement project in Pepe`ekeo, Hawaii.
This project will be funded under the United States Department of Agriculture (USDA), Rural
Development Program. The funding provides for a grant amount not to exceed $510,500 and for
a loan amount of $147,000. As a condition of this funding, the USDA requires the DWS to
secure a general obligation bond as a pledge on the loan portion.
On August 28, 2007, the Water Board is expected to adopt a loan resolution authorizing and
providing for the incurrence of indebtedness for the loan portion of the project.
Should you have questions, please do not hesitate to call DWS Manager Milton Pavao at 961-
8050 or our Treasurer Mike Okumoto at 961-8303.
~~~,~~c~.~r~
William Takaba
Director of Finance
APPROVED:
Harry Kim /
Mayor Cam, No. ~~O 22
Enc. Ref. To: 1'~'
Ref. Date ~
~7
ca Department of Water Supply
Mike Okumoto, Treasury Division
Hawaii County is an equal opportunity provider and employer.
P~~ll.t t53)
Form B-52
7/18/91
DEPARTMENT OF FINANCE
REQUEST FOR COUNCIL ACTION
DEPARTMENT: Finance DATE: August 6, 2007
STAFF CONTACT: Mike Okumoto PHONE: 961-8303
A. REQUEST:
Request the Council's consideration and passage of a bond ordinance to finance a water system upgrade of
Andrade Camp, Pepe'eko.
B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED):
The residents of Andrade Camp wish to upgrade their water system that was formerly maintained by C.
Brewer & Co. A combined effort of government agencies, notably the Dept. of Water Supply(DWS) and
Representative Dwight Takamine worked with the USDA to provide financing for the water system
improvement through a grant of $510,500 and loan of $147,000. The financing from USDA is contingent on
the County issuing a general obligation bond that will be used to secure the loan. Bond payments will be
made by the County, but will be reimbursed by DWS. DWS will, in turn, bill the Andrade Camp association
members for their portion of the bond payment.
II
SIGNED: l~1 ~ ~ DATE: AUG 2 O LGO7
epartmen Head