HomeMy WebLinkAboutCOM 0913.000 2016-2018 •.;t1' OF jt,
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" d'if `; Managing Director
Harry Kim
Mayor Barbara J.Kossow
• +k:r;NCF''M�i•' � Deputy Managing Director
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County of Hawai i
Office of the Mayor
25 Aupuni Street,Suite 2603 • Hilo,Hawai`i 96720 • (808)961-8211 • Fax(808)961-6553
KONA: 74-5044 Ane Keohokalole Hwy.,Bldg.C • Kailua-Kona,Hawaii 96740
(808)323-4444 • Fax(808)323-4440 .
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April 20, 2018 —t=
Valerie Poindexter, Council Chair,and . =rn
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 Bonds
Attached for your consideration is a bill authorizing the issuance of up to $10,200,000 in general
obligation bonds for the County of Hawai`i for the Lono Kona Improvement District.
These bonds would be issued for the Lono Kona Improvement District sewer project. While the
project will be funded by a USDA loan and grant, the money must be placed in escrow prior to
the start of the project. USDA will then reimburse the County. The proposed project will allow
for the extension of the County sewer system to the Lono Kona Subdivision by means of an
Improvement District. Sewer will be provided to approximately 107 parcels in the project area.
Our County's debt service capacity has been reviewed to ensure we have the capacity to issue
additional bonds up to the:requested.amount. With this authorization of$10,200,000, our debt
service percentage will be approximately 12.95%. This percentage is within our GFOA guideline
that debt service expenditures should be below 15% of total expenditures each year.
We request that this bill be waivedfrom the Finance Committee and be placed on the May 9,
2018 Council agenda due to the time sensitive nature of this matter. In addition, we request that
the five day hold be waived, so that the construction contract can be encumbered in a timely
manner. If there are any questions, please do not hesitate to call Deanna Sako at 961-8234.
Harry Kim`
Mayor
Comm. No. l ( 3
Attachment Ref. To: 6S1A..CW/FL)
<B. It via) Ref. nate APR 2 5 2018
County of Hawai`i is an Equal Opportunity Provide and Employer.
MAILE MEDEIROS DAVID -'o�"`•,f`••"•1!�; AARON S.Y. CHUNG
Chairperson ` ^���,, DRU MAMO KANUHA
'��: SUSAN L.K.LEE LOY
KAREN EOFF '-' `'''-'r= : ' EILEEN O'HARA
Vice Chair '".+I................, VALERIE T.POINDEXTER
HERBERT M."TIM"RICHARDS,III
JENNIFER RUGGLES
HAWAI`I COUNTY COUNCIL
County of Hawai`i
Hawai`i County Building
25 Aupuni Street
Hilo,Hawaii 96720
April 20, 2018
Valerie T. Poindexter, Chairperson
Hawaii County Council
25 Aupuni Street
Hilo, Hawai`i 96720
RE: Bill No. 142 : AN ORDINANCE AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE
PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS OF VARIOUS
IMPROVEMENT PROJECTS; FIXING THE FORM, DENOMINATIONS, AND
CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR
SALE TO THE PUBLIC; AND AUTHORIZING THE TAKING OF OTHER ACTIONS 1
RELATING TO THE ISSUANCE AND SALE OF THE BONDS.
ursuant 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, ,
t
1
V Maile David, Cha rperson
Committee on Finance
roved e/Waive to Council: Disapproved/Date/Refer to FC:
41
APR 2018
Cr1/2Z/24;--).-1 d ?'
Valerie T. Poindexter, Chairperson Valerie T. Poindexter, Chairperson
Hawai`i County Council Hawai`i County Council
MD/dm
Hawai`i Countyis an Equal Opportunity Provider and Employer