HomeMy WebLinkAboutCOM 0058.000 2008-2010
~'V OiF
flarry Kim William Takaba
1,6i1ti•,
.Mayor _ D(recmr
Nancy E. Crawford
•i 1:-+,^. • • r Depuly Director
County of Hawaii
Finance Department a
25 Aopmii Street, Room 118 • Hilo, I lawaii 96720
(808)961-8234. Fax(808)961-8248 17) C--n
OCR ~ J;•
December 19, 2008 ? rv 4
N
J Yoshimoto, Chairman and -
Members of the Hawai'i County Council
Hawai'i County Council 2 L
25 Aupuni Streets 33
Hilo, Hawai'i 96720 - J'
Re: Amending the Bond Authorization Ordinance
Enclosed is a bill for an ordinance that amends Ordinance 04-59, as amended by Ordinance
04-154, authorizing the issuance of general obligation bonds for financing public
improvements. The amendment adds language to the bond authorization ordinance, in
which the County states that it may incur some capital expenditures in advance of the
issuance of the bonds and declares its intention to reimburse itself in such cases.
The language to be added to the 2004 bond authorization ordinance is the same as
language that is included in all subsequent bond ordinances. U.S. Treasury regulations
require that the County declare its intention to use funds to reimburse itself for capital
expenditures made in advance of the bond issuance. Because the County will sometimes be
using certain short-term options, such as bond anticipation notes, to supply funds for CIP in
advance of the bond issuance, this language must be included. It also provides us with the
important flexibility to manage cash flow and debt to the best advantage of the County.
If there are any questions, please do not hesitate to call me at 961-8234.
Nancy . Crawfor
Director of Finance
APPROVED:
sa~st-) t~--
William P. Kenoi
Mayor
Enc.
Comm. No. 57
cc: Mike Okumoto, Treasurer Ref. Tor
Hawaii County is an Equal Opportunity Provider and Employer Ref, Dat@X_ C 2
3 2`_
Form B-52
7/18/91
DEPARTMENT OF FINANCE
REQUEST FOR COUNCIL ACTION
DEPARTMENT: Finance DATE: 12/19/08
STAFF CONTACT: Mike Okumoto PHONE: x8303
A. REQUEST:
Request to amend Ordinance 04-59, as amended by Ordinance 04-154, authorizing the issuance of general
obligation bonds for financing public improvements. The request is to add language in which the County
states that it may incur some capital expenditures in advance of the issuance of the bonds and declares its
intention to reimburse itself in such cases.
B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED)'
The language to be added to the 2004 bond authorization ordinance is the same as language that is
included in all subsequent bond ordinances. U.S. Treasury regulations require that the County declare its
intention to use funds to reimburse itself for capital expenditures made in advance of the bond issuance.
Because we will sometimes be using certain short-term options, such as bond anticipation notes, to supply
funds for CIP in advance of the bond issuance, this language must be included. This provides us with
important flexibility to manage cash flow and debt to the best advantage of the County.
SIGNED: DATE: DEC 1 Z~r~
Department H fad