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William P. Kenoi <br />AA3}iE1F <br />County of Hawaii <br />Office of the Mayor <br />Walter K. M. Lau <br />Managing Director <br />Randall M. Kurohara <br />Deputy Managing Director <br />25 Aupuni Street, Suite 2603 • Hilo, Hawaii 96720 • (808) 961-8211 • Fax (808) 961-6553 <br />KONA- 74-5044 Ane Keohokalole Hwy., Bldg. C • Kailua-Kona, Hawaii 96740 <br />(808) 323-4444 Fax (808) 323-4440 <br />May 14, 2015 Cm- o <br />Dru Kanuha, Council Chair and <br />Members of the Hawaii County Council J= <br />Hawaii County Council <br />a :�E <br />25 Aupuni Street <br />Hilo, Hawaii 96720 <br />IV —' <br />Re: Bill for an Ordinance Authorizing the Issuance of General Obligation Bonds <br />Attached for your consideration is a bill authorizing the issuance of up to $99,750,000 in general <br />obligation bonds for the County of Hawaii for capital improvement projects, which includes <br />$750,000 for cost of issuance. <br />This is an excellent time to invest in County infrastructure to save money for county taxpayers, <br />and to create jobs for our working families. Interest rates are at very low levels, and County <br />government has an opportunity today to boost the local construction industry while investing in <br />parks, roads and other important projects to better serve our communities. <br />Issuing this bond will allow us to invest in infrastructure that will touch the lives of our residents <br />each and every day, including projects in roads, mass transit, public safety, housing, parks and <br />recreation, and environmental management. Each of these projects will contribute to a safer, <br />healthier, stronger Hawaii Island community. <br />Our County's debt service capacity has been reviewed to ensure we have the capacity to issue <br />additional bonds up to the requested amount. With this authorization of $99,750,000, our debt <br />service percentage will be approximately 13.81%. This percentage is within our GFOA guideline <br />that debt service expenditures should be below 15% of total expenditures each year. <br />We request that this bill be waived from the Finance Committee and be placed on the June 3, <br />2015 Council agenda due to the time sensitive nature of this matter. If there are any questions, <br />Meas o esitate to call Deanna Sako or Lisa Miura at 961-8234. <br />William P. Kenoi <br />Mayor <br />Attachment <br />-< 8;11 5'87 <br />Hawaii County is an Equal Opportunity Provider and Employer <br />Comm. rao. a-19 <br />Ref. To: CtTIA, w F� <br />Ref. Date MAY 15 2015 <br />