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COUNTY OF HAWAII : : : ; STATE OF HAWAI I <br /> RESOLUTION NO. 554 14 <br /> DECLARING THE OFFICIAL INTENT OF THE COUNTY OF HAWAII TO REIMBURSE <br /> ITSELF FROM BOND PROCEEDS FOR FUNDS ADVANCED TO PAY COSTS OF THE <br /> LOWER PUNA EMERGENCY ROAD PROJECTS BEING UNDERTAKEN BY THE <br /> COUNTY <br /> WHEREAS, current volcanic activity on the Island of Hawaii poses a significant threat to <br /> certain roadways in the Puna District and could cut off access to certain communities in the District; <br /> and <br /> WHEREAS, in response to this threat, the County of Hawaii (the "County") is undertaking <br /> the construction of emergency roads to provide an alternative means of access to these communities; <br /> and <br /> WHEREAS, due to the immediacy of this threat, the County will be called upon to advance <br /> funds for the construction of the emergency roads before it is in a position to authorize and issue <br /> general obligation bonds for such purpose; and <br /> WHEREAS, the County Council intends hereby to express the County's intent to reimburse <br /> itself for the costs of the emergency road projects from the proceeds of its general obligation bonds, <br /> when issued; now, therefore, <br /> BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that the <br /> County expects to advance funds for certain capital expenditures incurred for the Lower Puna <br /> emergency road projects prior to the issuance of general obligation bonds for such purpose, and <br /> reasonably expects to reimburse such expenditures from the proceeds of such bonds. The County <br /> hereby declares its official intent to use proceeds of general obligation bonds, in an amount not to <br /> exceed $20,000,000, to reimburse itself for capital expenditures incurred in connection with such <br /> projects. This resolution is adopted in part for the purpose of establishing compliance with the <br />