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REPORT OF THE <br />COMMITTEE ON FINANCE <br />DATE: September 9, 2009 Re: Comm. No. 1423/Bill No. 360 <br />PLACE: Sheraton Keauhou Bay Resort and Spa <br />78-128 `Ehukai Street <br />Kailua-Kona, Hawaii <br />TIME: 9:12 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. 185, reports as follows: <br />Bill No. 360, transmitted by Director of Finance William Takaba, via Communication No. 1423, <br />dated August 26, 2008, authorizes the issuance of up to $8 million in general obligation bonds of <br />the County of Hawaii. These funds will be used for the Kaloko Housing Program facility and <br />related bond issuance costs. <br />Due to the urgent need for transitional. housing in West Hawaii, the Housing Agency desires to <br />proceed in the project with general obligation bond funding. The requested funds should cover <br />all of the costs of Phase I of the project. If other funding is subsequently obtained, the bond <br />funds can be reimbursed. <br />William Takaba, Director of Finance informed Your Committee that the State did not release the <br />funds for this project. Jeremy McComber, Housing & Community Development Specialist, <br />informed Your Committee that he was informed by Sen. Daniel Inouye that the federal grant <br />funding will not be available due to the limited funds. <br />Your Committee on Finance is in accord with the purpose and intent of Bill No. 360, and <br />recommends it pass first reading. <br />la <br /> AYES NOES A&E EX <br />FORD X <br />HIGA X <br />HOFFMANN X <br />IKEDA X <br />JACOBSON X <br />NAEOLE X <br />PILAGO X <br />YAGONG X <br />YOSHIMOTO X <br />Respectfully submitted, <br />COMMITTEE ON FINANCE <br />DOMINIC Yf <br />FC <br />