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REPORT OF TAE <br /> COMMITTEE ON FINANCE <br /> DATE: September 30, 1997 Re: Comm. No. 491Bi11 No. 142 <br /> PLACE: Councilroom <br /> TIME: 10:35 A.M. <br /> Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Bill No. 142, reports as follows: <br /> Bill No. 142, transmitted by Finance Director Harry Takahashi, via Communication No. 491, <br /> dated September 9, 1997, authorizes the issuance and sale of general obligation bonds for the <br /> purpose of securing payment of a loan for the Department of Water Supply to construct and <br /> acquire betterments to, and extensions of, the properties of the Water System of the Department <br /> of Water Supply, to be known as Ookala, Paauila and Paauhau improvements including the <br /> acquisition of necessary lands. <br /> The Department of Water Supply has requested the authorization of the sale of general <br /> obligation bonds of the County in the principal amount of $775,000. The United States of <br /> America, by and through the Department of Agriculture (USDA), has offered to make a loan in <br /> <br /> the aforementioned amount to the County under the Federal Consolidated Farm and Rural <br /> Development Act. In addition to the loan, the USDA has further offered to make grants not to <br /> exceed $2,159,400 to the County to pay the balance of the costs of the Water System <br /> Improvements. <br /> <br /> Pursuant to Chapter 3, Section 5-3.3(c) of the Hawaii County Charter, the Director of Finance <br /> <br /> shall negotiate loans and the issuance and sale of bonds and notes when authorized by the <br /> <br /> Council. <br /> <br /> A second draft of Bill No. 142 was submitted after typographical errors on page 2 were found. <br /> <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 142, Draft 2, <br /> <br /> and recommends it pass first reading. <br /> <br /> lkc <br /> Ayee Noea A&E EX <br /> CHUNG g Respectfully submitted <br /> LEITHEAO-TOOn X C TTEE OI~ FINANCE <br /> RAY X ~ ~ / ' ~ <br /> SANTANGELO X ~ - -7J~% - - . <br /> SMITH X <br /> TYLER x AARON S.Y. CHUNG, CH IR <br /> YAGONG X FC REPORT NO. 145 <br /> ARAKAHI,CO.M. X ADOPTED: 1 5 199% <br /> <br />