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•.;t1' OF jt, <br /> o.• ., WilOkabe <br /> " d'if `; Managing Director <br /> Harry Kim <br /> Mayor Barbara J.Kossow <br /> • +k:r;NCF''M�i•' � Deputy Managing Director <br /> 4 • � <br /> County of Hawai i <br /> Office of the Mayor <br /> 25 Aupuni Street,Suite 2603 • Hilo,Hawai`i 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 /> c 00 <br /> April 20, 2018 —t= <br /> Valerie Poindexter, Council Chair,and . =rn <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 Bonds <br /> Attached for your consideration is a bill authorizing the issuance of up to $10,200,000 in general <br /> obligation bonds for the County of Hawai`i for the Lono Kona Improvement District. <br /> These bonds would be issued for the Lono Kona Improvement District sewer project. While the <br /> project will be funded by a USDA loan and grant, the money must be placed in escrow prior to <br /> the start of the project. USDA will then reimburse the County. The proposed project will allow <br /> for the extension of the County sewer system to the Lono Kona Subdivision by means of an <br /> Improvement District. Sewer will be provided to approximately 107 parcels in the project area. <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$10,200,000, our debt <br /> service percentage will be approximately 12.95%. 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 waivedfrom the Finance Committee and be placed on the May 9, <br /> 2018 Council agenda due to the time sensitive nature of this matter. In addition, we request that <br /> the five day hold be waived, so that the construction contract can be encumbered in a timely <br /> manner. If there are any questions, please do not hesitate to call Deanna Sako at 961-8234. <br /> Harry Kim` <br /> Mayor <br /> Comm. No. l ( 3 <br /> Attachment Ref. To: 6S1A..CW/FL) <br /> <B. It via) Ref. nate APR 2 5 2018 <br /> County of Hawai`i is an Equal Opportunity Provide and Employer. <br />