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William Takaba <br />Direcmr <br />Nancy E. Crawford <br />Uepufr Ofrecfor <br />County of Hawaii <br />Finance Department <br />25 Aupuni Strccl. Koom 118 • Hilo, li.ncaii 96720 <br />(808)961-R274 Pas (808)961-8248 0 <br /> i) <br />m <br /> C1 ~~ <br />~ =~ r~ <br />~ <br />September 9, 2008 <br />- <br />' ~ ~~' <br /> -~ <br />- <br />~,~, ~. <br /> <br />l~ r}-. <br />~ <br />~~ <br />Pete Hoffmann, Chairman and <br />Members of the Hawaii County Council <br />.,_ <br />~ ~-~' <br />- 3 <br />Hawai'i County Council , <br />`-~ a <br />25 Aupuni Street j <br />- <br />Hilo, Hawaii 96720 -' c." <br />'~ <br />Re: Bond Ordinance <br />Enclosed is a bill for an ordinance authorizing the Mayor to enter into an intergovernmental <br />agreement for a State Water Pollution Control Revolving Fund Loan (SRF) of $1,000,000 <br />for the County's Komohana Heights Large Capacity Cesspool Replacement project; and <br />authorizing the issuance of general obligation bonds for the purpose of financing this <br />improvement project. <br />The Komohana Heights LCC Replacement project was initially approved by the State of <br />Hawaii Department of Health for a State Revolving Fund loan in the amount of $2,000,000 <br />which was authorized by the County Council under Ordinance No. 03-155. The estimated <br />construction costs and requested State Revolving Funds for this project is $3,000,000. <br />Due to the cancellation of another project, the Department of Health was able to shift an <br />additional $1,000,000 to the Komohana Heights project, bringing the approved funding <br />level to $3,000,000. Approval of this additional amount will bring the funding in line with <br />the existing $3,000,000 appropriation to be funded by the State Revolving Fund. <br />Pursuant to the County Procedures Manual for Participation in the Hawaii State Revolving <br />Fund Loan Program, prepared by the Wastewater Branch of the Hawaii Department of <br />Health in April 1994, part of the loan application process requires a "resolution or <br />ordinance passed by the County Council which authorizes the SRF loan application and <br />identifies the dedicated source(s) of revenue (i.e., general obligation bonds) which will fund <br />the project and repayment of the loan with interest." The Council's authorization of the <br />issuance of general obligation bonds will serve as a pledge of its general obligation <br />authority as security for repayment of the loan and interest. <br />~~. No. 1~s=S <br />Ref. To:_ <br />Ref. Date :~ <br />Hawa(i County is an Equal Opportunity Provider and Employer <br />