REP FC 109 08/28/2001 2000-2002 - Laserfiche WebLink

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I~EFORT OF TIIE COMMITTEE ON FINANCE DATE: August 28, 2001 Re: Comm. No. 312/Res. No. 113-01 PLACE: Council Chambers TIME: 10:05 A.M. Council Chair and Members Hawaii County Council Hilo, Hawaii 96720 Your Committee on Finance, to which was referred Resolution No. 113-01, reports as follows: Resolution No. 113-O1, transmitted by Director of Finance William Takaba, via Communication No. 312, dated August 14, 2001, clarifies the types of short term investments of county monies in accordance with Section 46-50 of the Hawaii Revised Statutes (HRS). The County Council adopted Resolution No. 437-92 on May 6, 1992, which directed the Director of Finance to invest County monies which are not necessary for the meeting of immediate requirements in one or more of the type of investments, then noted in Section 46-50 of the HRS. Pursuant to Section 46-50 of the HRS, entitled "short term investment of county moneys," the Director of Finance of the County of Hawaii, may, with the approval of the Council, invest county monies which are in excess of the amounts necessary for the meeting of immediate requirements. Your Committee, during its discussion of Resolution No. 113-01, made the following amendments: 1. Amending the 1 S` Whereas clause to read as follows: "...for the meeting of immediate requirements in theaudg_ment of the legislative body, such action will not impede or hamper the necessary financial operations of the County; and" 2. Changing the resolved clause to read "...have been clarified and amended to reflect those [presently] listed in Section 46-50 of the Hawaii Revised Statutes. Your Committee on Finance is in accord with the purpose and intent of Resolution No. 113-01, as amended to Draft 2, and recommends its adoption. smc APES NOES A&E Ex Respectfully submitted cwuNC x P~s~ccH~o x COMMITTEE ON FINANCE ARAKAKI X ELARIONOFF X JACO~SON X ~ LEITELEAD-TODD X SAFARIK x AARON S.Y. CHUNG, CH TYLER X FC REPORT NO. _ l09 YAGONC X ADOPTED: _