Laserfiche WebLink
REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: May 15, 2001 Re: Comm. No. 215/Bill No. 59 <br /> PLACE: Council Chambers <br /> TIME: 10:10 A.M. <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Bill No. 59, reports as follows: <br /> Bill No. 59, transmitted by Director of Finance William T. Takaba, via Communication No. 215, dated <br /> May 1, 2001, authorizing the issuance of $8,000,000 general obligation bonds for the purpose of <br /> financing various water system improvements of the Department of Water Supply of the County of <br /> Hawaii; fixing the form, denominations, and certain other details of such bonds and providing for their <br /> sale to the public; and authorizing the issuance and sale of a like principal amount of general obligation <br /> <br /> bond anticipation notes in anticipation of the issuance and sale of such bonds. <br /> The approval of Bill No. 59 enabled the Department of Water Supply to retain the consulting firm, R.W. <br /> <br /> Beck, to prepare a County of Hawaii comprehensive water rate study. The study resulted in a <br /> recommendation of new rates, which were adopted by the Water Board on February 27, 2001. <br /> Included in the study was afive-year capital improvement spending program totaling approximately <br /> $59.2 million. One of the key assumptions in the development of the water rates was the issuance of <br /> General Obligation Bonds over the five-year period in the amount of $30.0 million, and further that the <br /> first issuance would be done by the end of fiscal year 2000-2001 in the amount of $7.5 million. The <br /> request for $8.0 million is to provide sufficient funds to pay for the Department's share of bond issuance <br /> costs. <br /> Pursuant to Chapter 3, Section 5-3.3(c), Hawaii County Charter, the Director of Finance shall negotiate <br /> loans and the issuance and sale of bonds and notes when authorized by the Council. <br /> For informational purposes, Mr. Tyler voted kanalua twice. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 59 and recommends it <br /> pass first reading. <br /> smc <br /> AYES NOES A&E EX <br /> Respectfully submitted <br /> CHUNG X <br /> PlslccHlo x COMMITTEE ON FINANCE <br /> ARAKAKI X <br /> ELARIONOFF X <br /> JACOBSON X <br /> LEITHEAD-TODD X <br /> SAFARIK AARON S.Y. CHUNG, C AIR <br /> TYLER X FC REPORT NO. 78 <br /> YAGONG X ADOPTED: <br /> <br />