HomeMy WebLinkAboutREP FC 264 06/01/2004 2002-2004RF,PORT OF THE
COMMITTEE ON FINANCE
DATE: June 1, 2004
PLACE: Council Chambers
'LIME: 9:10 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Re: Comm. No. 632/Rill No. 274
Your Committee on Finance, to which was referred Bill No. 274, reports as follows:
Bill No. 274, transmitted by Director of Finance William Takaba, via Communication No. 632,
dated May 19, 2004, authorizes the issuance of general obligation refunding bonds of the County
of Hawaii for the purpose of refunding all or a portion of the County's outstanding general
obligation bonds; fixing the form, denominations, and certain other details of such refunding
bonds and providing for their sale to the public; providing for the retirement of the bonds to be
refunded; and authorizing the taking of other actions relating to the issuance and sale of the
refunding bonds and the retirement of the bonds to be refunded.
'this measure will allow the Director of Finance to take advantage of low interest rates to refimd
existing higher rate bonds.
The following is all existing general obligation bonds, however refunding will only be
considered on those bonds that would provide an opportunity for debt service savings and other
benelits for the County.
Original Outstanding
Bond Issue Principal Amount Principal Amount
General Obligation Refunding $ 5,465,000 $ 500,000
Bonds, 1989 Series B
Public Improvement Bonds, 30,OOQ000 $22,650,000
1996 Series A
General Obligation Bonds, 30,000,000 27,700,000
1999 Series A
General Obligation Bonds, 23,000,000 23,000,000
2001 Series A
Public Improvement Bonds, 500,000 202,000
1977 Series A
Public Improvement Bonds, 750,000 41 I ,000
1981 Series A
Public Improvement Bonds, 4,000,000 3,006,000
1997 Series A
Public Improvement Bonds, 1,800,000 1,740,00
2(>(ll Series A
*As of date of introduction of Bill 274
FC REPORT NO. 264
This measure further determines and tinds that it is advisable, expedient and in the best interest
of the County to authorize the issuance, sale and delivery of general obligation refunding bonds
for the purpose of refunding all or a portion of the prior bonds in order to achieve debt service
savings and other benefits for the County in the management of its debt obligations.
Your Committee on Finance is in accord with the purpose and intent of (3iH No. 274, and
recommends it pass first reading.
SIT1C
A\'4:S NONa A&4: ABti
CHUNG X
SAFARIK X
ARA KAKI X
ELARIONOFF X
HOLSCHUfI X
JACOBSON X
REYNOLDS X
TULANC X
TYLER X
Respectfully submitted
ON FINANCE
AARON S.Y. CHUNG, CllAl~t
FC RF,PORT NO.
ADOPTED: ~~~