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William P.Kenoi •'o+`v o`"+ � Deanna S. Sako <br /> Mayor tP. _ \,�,4 Director <br /> ^,$1' ._ . <br /> . •:A\�.;, <br /> .. • ' Lisa K.Miura <br /> ♦ .....t.0 = Deputy Director <br /> ... :::::-County of Hawaii �c) <br /> Finance Department <br /> 25 Aupuni Street,Suite 2103 • Hilo,Hawai`i 96720 ‘7--,. . - <br /> ----__ - <br /> (808)961-8234 • Fax(808)961-8569 — <br /> t-.J - <br /> November 12, 2015 <br /> Dru Kanuha, Council Chair and , <br /> Members of the Hawai`i County Council <br /> Hawai`i County Council <br /> 25 Aupuni Street <br /> Hilo, Hawai`i, 96720 <br /> Re: Bill for an Ordinance authorizing the Issuance of General Obligation Refunding Bonds <br /> Attached for your consideration is a bill for an ordinance authorizing the issuance of general <br /> obligation refunding bonds, not to exceed $270,230,000 for the purpose of refinancing outstanding <br /> County debt in the form of bonds that were issued at higher interest rates. <br /> Interest savings due to refinancing are expected to be significant. In total, we expect to save <br /> approximately $12.3 million in cash flow savings. Refinancing candidates being considered include <br /> the 2006, 2007 and 2008 bond issues. <br /> In order to meet our scheduled bond sale date and take advantage of anticipated favorable sales <br /> conditions in January 2016, we are requesting that this bill be waived from the Finance Committee <br /> and be placed on the December 2, 2015 Council agenda. Additionally, due to this impending and <br /> critical deadline, we request that Council waive its five-day reconsideration period and process the <br /> bill immediately upon approval. <br /> If you have any questions, please feel free to contact Mike Okumoto at 933-6240, or me at 961-8234. <br /> t', <br /> Deanna Sako <br /> Director of Finance <br /> APP D <br /> William P. Kenoi <br /> Mayor <br /> Enc. Comm. No. 73 <br /> </ Ref. Ts: COLL w/pc. <br /> CNtl 11%> Ref. Dote NOV 1. 3 200 <br /> Hawai'i County is an Equal Opportunity Employer and Provider <br />