HomeMy WebLinkAboutCOM 0570.001 2008-2010
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William P. Kenai
Mayor
County of Hawaii
Finance Department
25 Aupuni Street, Room 118 . Hila, Hawaii 96720
(808) 961-8234 . Fax (808) 961-8248
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October 19, 2009
J Yoshimoto, Council Chair and
Members of the Hawai'i County Council
Hawai'i County Council
25 Aupuni Street
Hilo, Hawai'i 96720
Re: Amendment to Bill No. 160
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Nancy E. Crawford
Director
Deanna S. Sako
Deputy Director
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Bill No. 160, which authorizes the issuance of $31,000,000 in general obligation bonds of
the County of Hawai'i for the Department of Water Supply ("DWS"), appears on the Finance
Committee Meeting Agenda for October 20, 2009. We would like to amend Section 13 of
the bill so it reads as follows (material to be repealed is bracketed and stricken and the new
material is bolded and double underscored):
SECTION 13. Reimbursement of Expenditures. The County expects that [ft] the
County or the Water Department may pay certain capital expenditures for the Projects
prior to the issuance of the Bonds or Notes authorized hereby, and reasonably expects
to reimburse such expenditures from the proceeds of the Bonds or Notes. The County
hereby declares its official intent to use proceeds of the Bonds or Notes to reimburse itself
or the DeDartment for future expenditures in connection with such Projects. This
ordinance is adopted in part for the purpose of establishing compliance with the
requirements of Section 1.150-2 of the Treasury Regulations. This ordinance shall be
reasonably available for inspection at the office of the County Clerk commencing within
fifteen (15) days after its adoption by the Council.
The amendment reflects the possibility that DWS (or the County) may advance funds to
pay project costs before the bonds are issued, and that bond proceeds may be used to
reimburse such advances. It further goes on to clarify that that advances could be
reimbursed from bond anticipation note proceeds as well as bond proceeds.
If there are any questions, please do not hesitate to call Deanna Sako, Deputy Finance
Director.
N~~m0::fJ
Director of Finance
Cornm. No. r-10. I
Ref. To: --t:ouY\ul
Ref. Dat-;- nr.T 2 0 2009
Enc.
cc: Deanna Sako
Hawai'i County is an Equal Opportunity Provider and Employer