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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: March 21, 2006 Re: Comm. No. 745/Bill No. 243 <br /> PLACE: Sheraton Keauhou Bay Resort and Spa <br /> TIME: 10:00 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. 243, reports as follows: <br /> BiII No. 243, transmitted by Director of Finance William Takaba, via Communication No. 745, dated <br /> March 6, 2006, amends Ordinance No. 95-82 of the County of Hawaii adopted on July 5, 1995, as <br /> amended by Ordinance No. 96-92 adopted on August 15, 1996, relating to the Issuance of General <br /> Obligation Bonds. <br /> Ordinance No. 95-82, better known as the 1996A General Obligation Bond (GOB) Ordinance, restricted <br /> <br /> the use of bond proceeds to those Capital Improvement projects of the fiscal yeazs noted within the text of <br /> the ordinance. Bond Ordinance No. 95-82, adopted on July 5, 1995, as amended by Ordinance No. 96-92, <br /> adopted August 15, 1996, and allowed proceeds to be used only toward projects contained in the ClP <br /> budget ordinances for the fiscal years ending in 1994, 1995, 1996 and 1997. <br /> Presently, the County has CIP projects which are in progress or ready to start, but is not permitted to use <br /> the unspent 1996A GOB funds due to the ordinance's restrictive language. The Administration <br /> recommends allowing the use of the unspent funds for any appropriated projects noted in subsequent <br /> fiscal years' capital budgets. <br /> During its discussion, Your Committee felt that language be included that provides that all proposed <br /> projects for this 1996A General Obligation Bond Ordinance are brought to the Council for approval <br /> before expending any funds. <br /> For informational purposes, Committee Member Hoffmann and Committee Member Holschuh voted <br /> kanalua twice, Council Chair Higa and Committee Member Arakaki voted kanalua then no. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 243 and recommends it <br /> pass first reading. <br /> smc <br /> Hues noes nee ex Respectfully submitted, <br /> ARAKAKI X <br /> RIGA X COMMITTEE ON FINANCE <br /> HOFFMANN X <br /> HOLSCHUH X <br /> IKEDA X <br /> 1SBELL X •M-- <br /> JACOBSON x VIR INIA ISBELL, CHAIR <br /> rlLACO x FC REPORT N 260 <br /> SAFARIK x ADOPTED: A J <br /> <br />