HomeMy WebLinkAboutCOM 0573.000 2014-2016 William P.Kenoi •'o+`v o`"+ � Deanna S. Sako
Mayor tP. _ \,�,4 Director
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Finance Department
25 Aupuni Street,Suite 2103 • Hilo,Hawai`i 96720 ‘7--,. . -
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(808)961-8234 • Fax(808)961-8569 —
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November 12, 2015
Dru Kanuha, Council Chair and ,
Members of the Hawai`i County Council
Hawai`i County Council
25 Aupuni Street
Hilo, Hawai`i, 96720
Re: Bill for an Ordinance authorizing the Issuance of General Obligation Refunding Bonds
Attached for your consideration is a bill for an ordinance authorizing the issuance of general
obligation refunding bonds, not to exceed $270,230,000 for the purpose of refinancing outstanding
County debt in the form of bonds that were issued at higher interest rates.
Interest savings due to refinancing are expected to be significant. In total, we expect to save
approximately $12.3 million in cash flow savings. Refinancing candidates being considered include
the 2006, 2007 and 2008 bond issues.
In order to meet our scheduled bond sale date and take advantage of anticipated favorable sales
conditions in January 2016, we are requesting that this bill be waived from the Finance Committee
and be placed on the December 2, 2015 Council agenda. Additionally, due to this impending and
critical deadline, we request that Council waive its five-day reconsideration period and process the
bill immediately upon approval.
If you have any questions, please feel free to contact Mike Okumoto at 933-6240, or me at 961-8234.
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Deanna Sako
Director of Finance
APP D
William P. Kenoi
Mayor
Enc. Comm. No. 73
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Hawai'i County is an Equal Opportunity Employer and Provider
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KAREN EOFF �r� AARON S.Y. CHUNG
Chairperson ���%�; MAILE"MEDEIROS"DAVID
GREGGOR ILAGAN
VALERIE T. POINDEXTER -'t'. DRU MAMO KANUHA
Vice Chair •ter! �:�''►`�.' DENNIS"FRESH"ONISHI
�TE.os:M'J► DANNY PALEKA
MARGARET WILLE
HAWAI`I COUNTY COUNCIL
County of Hawai`i
Hawai`i County Building
25 Aupuni Street
Hilo, Hawaii 96720
November 12, 2015
Dru Mamo Kanuha, Chairperson
Hawai`i County Council
25 Aupuni Street
Hilo, Hawaii 96720
RE: Bill No. 118 : AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION REFUNDING BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF
REFUNDING CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS AND NOTES;FIXING
THE FORM, DENOMINATIONS,AND CERTAIN OTHER DETAILS OF SUCH REFUNDING BONDS
AND PROVIDING FOR THEIR SALE TO THE PUBLIC;PROVIDING FOR THE RETIREMENT OF
THE BONDS TO BE REFUNDED;AND AUTHORIZING THE TAKING OF OTHER ACTIONS
RELATING TO THE ISSUANCE AND SALE OF THE REFUNDING BONDS AND THE RETIREMENT
OF THE BONDS TO BE REFUNDED.
Pursuant to Section 2(g) of Rule 4 of the Rules of Procedure of the Council of the County of
Hawai`i, this written request is submitted with my approval that the above-referenced matter be
waived from the Committee on Finance to the full Council for immediate action. In reviewing
this matter, timely approval is crucial. It is therefore advantageous that approval is granted and
the matter be placed onto the next Council agenda for review. However, in the event this request
is denied, for whatever reason, I understand the matter shall be referred to the Committee on
Finance for placement on its future agenda.
Sincerely,
i
rKaren Eoff, Chairperson
Committee on Finance
A..rove. Pate/Waive to Council: Disapproved/Date/Refer to FC:
// 12//5
.n- Dru Mamo Kanuha, Chairperson Dru Mamo Kanuha, Chairperson
Hawai`i County Council Hawai`i County Council
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Hawai`i County is an Equal Opportunity Provider and Employer