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Council approves $56 million bond

Council approves $56 million bond

Karin Stanton | Hawaii 24/7 Editor

The County Council voted Wednesday to approve a $56 million bond that Mayor Billy Kenoi first touted before last year’s election.

The vote was 7-2, with Hamakua Councilman Dominic Yagong and North Kona Councilman Angel Pilago opposing the measure.

The council last year voted to postpone the bond until after the General Election, in order to allow incoming council members a voice in whether to borrow such a large sum of money.

The new council wanted the funds tied to specific projects, Yagong has repeatedly said, rather than giving the administration a ‘blank check.’

The list of projects proposed by the administration and attached to Bill 311, Draft 2:

Kenoi has consistently urged the Council to pass the bond while interest rates are low and contractors looking for work may be willing to submit lower bids.

The county likely will not borrow the entire $56 million initially, but secure funds as the projects are ready to go.

 

You might be interested in:

  1. Hoffmann’s observations on the bond float
  2. Administration urges Council to OK bond authorization
  3. Council postpones first reading vote on Bill 132
  4. Council Chairman Yagong to speak at Conservative Forum for Hawaii event Sunday (Jan 23)
  5. $725.3M bond sale to fund projects statewide

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May 21, 2012 / 5:30 pm