NOTICE OF PUBLICATION AND NOTICE OF PUBLIC HEARING

Notice is hereby given that the Kaua’i County Council will hold a public hearing on Wednesday, August 28, 2024, at 8:30 a.m., or soon thereafter, at the Council Chambers, 4396 Rice Street, Room 201, Historic County Building, Lihu’e, on the following:

Bill No. 2925
A BILL FOR AN ORDINANCE AMENDING CHAPTER 5A, KAUA’I COUNTY CODE 1987, AS AMENDED, RELATING TO REAL PROPERTY TAX

This Bill proposes to amend Chapter 5A, Kaua’i County Code 1987, as amended, for the purpose of allowing lessees of a state-owned property used for residential purposes to qualify for a beneficial tax rate and the assessment cap.

Bill No. 2927
A BILL FOR AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF KAUA’I FOR THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS; FIXING OR AUTHORIZING THE FIXING OF THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH REFUNDING BONDS AND PROVIDING FOR THE SALE OF SUCH BONDS 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

This Bill proposes to authorize the issuance, sale, and delivery of general obligation refunding bonds for the purpose of refunding all or a portion of the outstanding Prior Obligations (the County’s previously-issued $120,000,000 in aggregate principal amount of its Taxable General Obligation Bonds, Series 2010A) to achieve debt service savings and other benefits for the County in the management of its debt obligations. As a result of federal sequestration, there has been a material adverse change to Section 54AA and Section 1400U-2 of the Internal Revenue Code of 1986, reducing the interest subsidy payments for the Prior Obligations that the County has received, and expects to receive, from the United States Treasury. The proposed refunding would be accomplished through a new issuance of tax-exempt General Obligation Bonds to redeem all or a portion of the outstanding 2010A Bonds. Based on current market conditions, such a refunding would enable the County to achieve debt service savings in comparison to the 2010A Bonds and protect against the potential risk of future increases in federal sequestration.

Any person may testify at the public hearing, and at any Council and Committee Meeting (at which time any Bill may be amended). Meeting notices and full-text Bills are available at least six (6) days in advance at the Office of the County Clerk, Council Services Division and kauai.gov/Government/ Council/Webcast-Meetings. Written testimony may be submitted via counciltestimony@kauai.gov, mail, or fax. For further information, please call (808) 241-4188.

CERTIFICATE OF THE COUNTY CLERK

I hereby certify that the Kaua’i County Council passed on first reading and ordered to print Bill No. 2925 and Bill No. 2927 during the July 31, 2024 Council Meeting, by the following vote:

AYES: Bulosan, Carvalho, Cowden, DeCosta, Kagawa, Kuali’i,
Rapozo TOTAL – 7,
NOES: None TOTAL – 0,
EXCUSED & NOT VOTING: None TOTAL – 0,
RECUSED & NOT VOTING: None TOTAL – 0.

NOTE: IF YOU NEED AN AUXILIARY AID/SERVICE, OTHER ACCOMMODATION DUE TO A DISABILITY, OR AN INTERPRETER FOR NON-ENGLISH SPEAKING PERSONS, PLEASE CONTACT THE OFFICE OF THE COUNTY CLERK, COUNCIL SERVICES DIVISION AT (808) 241-4188 OR COKCOUNCIL@KAUAI.GOV AS SOON AS POSSIBLE. REQUESTS MADE AS EARLY AS POSSIBLE WILL ALLOW ADEQUATE TIME TO FULFILL YOUR REQUEST.

UPON REQUEST, THIS NOTICE IS AVAILABLE IN ALTERNATE FORMATS SUCH AS LARGE PRINT, BRAILLE, OR ELECTRONIC COPY.

(TGI1463949 8/06/24)