HomeMy WebLinkAboutCOM 0756.000 1996-1998
,I OF h
JOHN RAY ; - - yWt~•,' Hilo Phone: (808) 961-8265
Councilman Fax: (808) %9-3291
Waimea Phone: (808) 885-5875
~r
sr. of ~o Fax: (808) 885-7184
OFF 'Ad
COUNTY COUNCIL
County of Hawaii
Hawaii County Building
25 Aupuni Street
Hilo, Hawaii 96720
March 6, 1998
TO: Council Members
FROM: John Ray.
Council Member
RE Bill Authorizing the Issuance and Sale of General Obligation Bonds.
In response to the discussions that occurred on Bill 180 ($40 million General Obligation Bonds), I
am forwarding the attached bill, which authorizes the issuance and sale of General Obligation
Bonds of the County of Hawaii. Specifically, the bill provides for the issuance and sale in the
amount of $20,000,000 for public improvement projects.
While I am concerned about our declining real property tax revenues, the uncertainty of the
transient accommodations tax, and rising expenditures with minimal increase in our delivery of
service, it is also clear that the County may be in greater jeopardy by not completing federal- and
state-mandated projects in a timely manner.
Therefore, this bill proposes to reduce the original requested amount of $40 million to $20
million. This decreased amount represents a more responsible approach to the numerous short-
and long-term issues we are faced with.
Thank you for your consideration.
Attn.
GOMM ] is. 75,6
P1{e No. e
W. TO: CocJ^~ur_
1l~t. Dat2AP 9 1998
OJNtY Oi
4. 9
AARON S.Y. CHUNG Phone: (808) 961-8396
Councilmember'.~ FAX: (808) 969-3291
,lF ORN~'~
COUNTY COUNCIL
County of Hawaii
Hawaii County Building
25 Aupuni Street
Hilo, Hawaii 96720
r
March 6, 1998
Council Chair James Y. Arakaki
Hawaii County Council
Hilo, Hawaii 96720
RE: Attached Bill
Pursuant to Section I (e) of Rule 4 of the Rules of Procedure of the Council of the County
of Hawaii, this written approval is submitted in regard to Bill 2 09 , authorizing the
issuance of general obligation bonds, waiving said referral from the Committee on
Finance in order that appropriate action can be taken by the Council.
In reviewing the contents of the referral, it is deemed advisable that such a waiver be
granted.
Aaron S.Y. Chung, Chairman
Committee on Finance
Approved:
ame aki, I airman
Ha aii County Council