HomeMy WebLinkAboutRES 554 Draft 01 2012-2014 COUNTY OF HAWAII : : : ; STATE OF HAWAI I
RESOLUTION NO. 554 14
DECLARING THE OFFICIAL INTENT OF THE COUNTY OF HAWAII TO REIMBURSE
ITSELF FROM BOND PROCEEDS FOR FUNDS ADVANCED TO PAY COSTS OF THE
LOWER PUNA EMERGENCY ROAD PROJECTS BEING UNDERTAKEN BY THE
COUNTY
WHEREAS, current volcanic activity on the Island of Hawaii poses a significant threat to
certain roadways in the Puna District and could cut off access to certain communities in the District;
and
WHEREAS, in response to this threat, the County of Hawaii (the "County") is undertaking
the construction of emergency roads to provide an alternative means of access to these communities;
and
WHEREAS, due to the immediacy of this threat, the County will be called upon to advance
funds for the construction of the emergency roads before it is in a position to authorize and issue
general obligation bonds for such purpose; and
WHEREAS, the County Council intends hereby to express the County's intent to reimburse
itself for the costs of the emergency road projects from the proceeds of its general obligation bonds,
when issued; now, therefore,
BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that the
County expects to advance funds for certain capital expenditures incurred for the Lower Puna
emergency road projects prior to the issuance of general obligation bonds for such purpose, and
reasonably expects to reimburse such expenditures from the proceeds of such bonds. The County
hereby declares its official intent to use proceeds of general obligation bonds, in an amount not to
exceed $20,000,000, to reimburse itself for capital expenditures incurred in connection with such
projects. This resolution is adopted in part for the purpose of establishing compliance with the
requirements of Section 1.150-2 of the Treasury Regulations. This resolution shall be reasonably
available for inspection at the office of the County Clerk commencing within fifteen (15) days after
its adoption by the Council.
BE IT FURTHER RESOLVED that this resolution shall take effect immediately upon its
adoption.
BE IT FINALLY RESOLVED that a copy of this resolution be forwarded to: (1) Mayor
William P. Kenoi; (2)Department of Finance; and(3) Craig T. Masuda, Deputy Corporation Counsel.
Dated at Kona , Hawai`i, this 15thday of October , 2014.
INTRODUCED BY:
COUNCIL MEMBER, COUNTY OF HAWAI`I
COUNTY COUNCIL ROLL CALL VOTE
County of Hawai`i AYES NOES ABS EX
Hilo, Hawai`i EOFF X
FORD X
I hereby certify that the foregoing RESOLUTION was by ILAGAN X
the vote indicated to the right hereof adopted by the COUNCIL of the KANUHA
County of Hawaii on October 15, 2014 X - —
KERN X
ONISHI X
ATTEST: POINDEXTER X _--
WILLE X _ 1
YOSHII�MTO X
.1/44r ' -- _ 8 0 _ 1 p_
Reference: C-1083/Waived FC
COUNTY CLERK CHAIRPERSON&PRESIDING OFFICER RESOLUTION NO. 554 14
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