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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: February 21, 2007 Re: Comm. 169Bi11 No. 45 <br /> PLACE: Sheraton Keauhou Bay Resort and Spa <br /> 78-128 `Ehukai Street <br /> Kailua-Kona, Hawaii <br /> TIME: 2:03 p.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. 45, reports as follows: <br /> Bill No. 45, transmitted by Director of Finance William Takaba, via Communication No. 169, <br /> dated February 5, 2007, is a bill for an ordinance authorizing the Mayor to enter into an <br /> intergovernmental agreement for a State Water Pollution Control Revolving Fund loan for the <br /> <br /> North Kona's Sewer project in the amount of $3,104,000; and the North Kona Effluent Reuse <br /> Upgrade project in the amount of $3,643,000; and authorizing the issuance of general obligation <br /> <br /> bonds for the purpose of financing these improvement projects in the amount of $6,747,000. <br /> Pursuant to the County Procedures Manual for Participation in the Hawaii State Revolving Fund <br /> Loan Program, prepared by the Wastewater Branch of the Hawaii Department of Health in <br /> April, 1994, part of the loan application process requires an ordinance passed by the County <br /> Council which authorizes the SRF loan application and identifies the dedicated source(s) of <br /> revenue (i.e. general obligation bonds) which will fund said project and repayment of the loan <br /> with interest. The Council's authorization of the issuance of the general obligation bonds will <br /> serve as a commitment of its general obligation authority as security for the repayment of the <br /> loan and interest. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 45, and <br /> recommends it pass first reading. <br /> ie <br /> AYES NOES A&E EX Respectfully SUbmltted, <br /> FORD X <br /> RIGA X COMMITTEE ON FINANCE <br /> HOFFMANN J{ <br /> IKEDA X <br /> JACOBSON X <br /> NAEOLE J( <br /> PILAGO X DOMINIC YAGONG <br /> YAGONG g FC REPOR O. 58 <br /> YOSHIMOTO X ADOPTED: AR Q 9 ZQQ7 <br /> <br />