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

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REPORT OF THE .,COMMITTEE ON FINANCE DATE: August 28, 2001 Re: Comm. No. 312/Res. No. 1 13-01 PLACE: Council Chambe~{s TIME: 10:05 A.M. Council Chair and Members Hawaii County Council Hilo, Hawaii 96720 Your Committee on Finance, to jwhich was referred Resolution No. 113-01, reports as follows: Resolution No. 113-01, transmi ed by Director of Finance William Takaba, via Communication No. 312, dated ugust 14, 2001, clarifies the types of short term investments of county monies in accordance wi h Section 46-50 of the Hawaii Revised Statutes (HRS). The County Council adopted Rel olution No. 437-92 on May 6, 1992, which directed the Director of Finance to invest County mor~ies which are not necessary for the meeting of immediate requirements in one or more of t~e type of investments, then noted in Section 46-50 of the HRS. Pursuant to Section 4b-50 of the~HRS, entitled "short term investment of county moneys," the Director of Finance of the Coun of Hawaii, may, with the approval of the Council, invest county monies which are in exe~ss 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 151 Where s clause to read as follows: "...for the meeting of immediate requirements n the 'ud ent of the le islative bod such action will not im ede or ham er th neeessar financial o erations of the Count ;and" 2. Changing the resolved c~use to read "...have been clarified and amended to reflect those [presently] listed i Section 46-50 of the Hawaii Revised Statutes. Your Committee on Finance is ~ accord with the purpose and intent of Resolution No. 113-01, as amended to Draft 2, and recomrt~ends its adoption. smc nr~ES NaES, n&E EX Respectfully submitted CHUNG X PISICCHlO x ~ COMMITTEE ON FINANCE ARAKAK! X ' ELARIONOFF X i JACO~SON X LEITH EAD-TODD X SAFARIK x AARON S.Y. CHUNG, CH TYLER X FC REPORT NO. _ 109 YAGONG X ADOPTED: _ _