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REPORT OF THE. <br />COMMITTEE ON FINANCE <br />DATE: October 19, 2004 <br />PLACE` Council Chambers <br />FIM{?: 125 p.m. <br />Re: Comm. No. 798/Bill No. 348 <br />Council Chair and Members <br />Hawaii County Council <br />Hilo. Hawaii 96720 <br />Your Committee on Finance, to which was referred Dill No. 348, reports as follows: <br />Dill No. 348, transmitted by Councilmember Aaron S.Y. Chung, via Communication No. 798, dated October <br />5. 2004. amends Ordinance No. 04-59 of the County of Hawai' i adopted on May 19, 2004, relating to the <br />issuance of general obligation bonds ibr the purpose of financing various public improvements for the <br />County of Hawaii. <br />Ordinance No. 04-59 authorized the County of Hawaii to issue and sell general obligation bonds in the <br />amount of $40.000,000. Section 14 of the ordinance consisted of a list of public improvement projects to he <br />funded. <br />The purpose of [his bill is to add to the following projects: <br />• 3park-and-ride facilities in Puna. South Kona and North Kona ......$1,500.000 <br />. Sand Gulch bypass road in Hamakua ................................................$2.400.000 <br />. Laupahoehoe emergency access road ................................................ $ 100.000 <br />. Transportation enhancement projects in Hilo ....................................$1,000,000 <br />TOTAL ....................... $5.000.000 <br />Your C ommittee heard and received testimony in favor of the measure. <br />During its discussion. Your Committee agreed to the tbllowing amendments: <br />I . Amended the park-and-ride facilities to include Hamakua. <br />2. Increased the general obligation bond authorization from $45 million to $47 million. The purpose of <br />the additional $2 million is to fund much needed islandwide facility planning efforts, such as roadway <br />corridors, sewer and solid waste infrastructure, and multimodal transportation planning. <br />3. Additional style changes to the distribution amounts were made. <br />Your Cunvnittee on Finance is in accord with the purpose and intent of Bill No. 348, as amended to Draft 2. <br />and recommends it pass first reading. <br />smc <br /> :\Yfs M1Ora \ffi H. H:\ <br />CHUNG X <br />SA FARIK X <br />ARAKAKI X <br />ELARIONOFF X <br />HOLSCHUH X <br />.IACOBSON X <br />REYNOLDS X <br />TULANG X <br />TYLER x <br />Respectfully submitted <br />COM 11°fEE ON FINANCE. <br />.. ~~ . <br />S.Y CIi~1NG. C'HA{R <br />FC REP~}RT NO. 3 <br />ADOPTED: NOVA <br />