HomeMy WebLinkAboutCOM 0076.000 1998-2000 V =: J NSY I OF H O
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°•' �� ' William G. Davis
Stephen K. Yamashiro .0 9l.`` Managing Director
Mayor 3iS
Henry Cho
''•., °iqC;: - ..,° ;po: Deputy Managing Director
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Count of paftiaii
25 Aupuni Street, Room 215 • Hilo, Hawaii 96720 -4252 • (808) 961 -8211 • Fax (808) 961 -6553
KONA: 75 -5706 Kuakini Highway, Suite 103 • Kailua -Kona, Hawaii 96740
(808) 329 -5226 • Fax (808) 326 -5663
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December 28, 1998 - or
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The Honorable James Y. Arakaki
Chairman
Hawaii County Council
cr:
Hilo, Hawaii
RE: Proposal to Authorize the Issuance and Sale of Bonds
Attached is a bill for an ordinance which proposes to authorize the Administration to
issue and sell bonds for the purpose of refunding the 1978 Refunded General Obligation
Bonds. This authority will enable us to defease the 1978 issue, which will then increase
the working capital by $8.7 million from the Sinking Fund.
With continuing real property devaluations and the reduction to the Transient
Accommodation Tax formula, the Administration continues to struggle in maintaining
program and service levels. Your approval will enable us to incorporate the proceeds
from the Sinking Fund into the 1999 -2000 Operating Budget.
Should you have any questions, please feel free to call.
Sincerely,
L11
-'hen K. yashiro
Mayor, County of Hawaii
sal ae2
Comm. Ne.
File No.
Ref. Tot FV
Flti. D JAN 0 5 1999