HomeMy WebLinkAboutCOM 0076.003 1998-2000 a 0
ACA
Ahualoa Community Association
RECEIVED
Councilman James Arakaki
time- -� BY• - -SI-1/
County Council Chairman Dare��,q-
101 Aupuni Street County Council
Hilo, Hawaii 96721
Dear Councilman Arakaki:
The Ahualoa Community Association is extremely disturbed by the proposal to release
the sinking fund to cover the county's shortfall. This would mean a loss of the $700,000
interest earned by this fund as well as the principle. Reissuing new bonds would not give
you the interest income that this fund has built up. The sinking fund may cover our
shortfall, but could the remainder be reinvested or will there be nothing left?
With the dwindling supply of money due to lower real estate taxes and the cut in hotel
accommodation taxes by the state, the sinking fund is important as a source of income
and security. Please consider that the current mayor has only a year and a half to serve.
We ask you not to compromise our future financial security to fund his unspecified
projects? Please vote no on releasing the sinking fund.
Yours truly, ea
Augustuz Elliott
President
Cc: Elarionoff
Box 3008. Honoka'a, Hawaii 96727
Comm. No. 7� , 00 3
File No. F►'ID /BND
Ref. To Presenfe Pc
Ref. flat° 4- /44.09