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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> <br /> DATE: September 5, 2007 Re: Comm. No. 622/Bill No. 153 <br /> <br /> PLACE: Sheraton Keauhou Bay Resor[ and Spa <br /> TIME: 10:23 a.m. <br /> Council Chair and Members <br /> <br /> Hawaii County Council <br /> <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Bill No. 153, reports as follows: <br /> <br /> Bill No. 153, transmitted by Director of Finance William Takaba, via Communication No. 622, dated <br /> <br /> August 20, 2007, authorizes the issuance and sale of General Obligation Bonds of the County of <br /> Hawaii, in the principal amount of $147,000 for the Department of Water Supply's (DWS) Andrade <br /> Camp water system improvement project in Pepe`ekeo, Hawaii. <br /> This project will be funded under the United States Department of Agriculture (USDA), Rural <br /> Development Program. The funding provides for a grant amount not to exceed $510,500 and for a loan <br /> amount of $147,000. As a condition of this funding, the USDA requires the DWS to secure a general <br /> <br /> obligation bond as a pledge on the loan portion. The Water Board is expected to adopt a resolution <br /> <br /> authorizing and providing for the incurrence of indebtedness for the loan portion of the project. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 153, and recommends it <br /> <br /> pass first reading. <br /> la <br /> Hues Noes A&e ex Respectfully submitted, <br /> FORD X <br /> xlcA x COMMITTEE ON FINANCE <br /> HOFFMANN X <br /> IKEDA X <br /> <br /> JACOBSON X <br /> NAEOLE X <br /> FILACO X DOMINIC YAGON C I <br /> vAGONG X FC REPO N 160 <br /> YOSHIMOTO x ADOPTED: SEP 1 9 2~Q7 <br /> <br />