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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: October 19, 2010 Re: Comm. No. 972/Bill No. 311 <br /> PLACE: Sheraton Keauhou Bay Resort and Spa <br /> 78-128 `Ehukai Street <br /> Kailua-Kona, Hawai`i <br /> TIME: 9:05 a.m. <br /> Council Chair and Members <br /> Hawai`i County Council <br /> Hilo, Hawai`i 96720 <br /> Your Committee on Finance, to which was referred Bill No. 311, reports as follows: <br /> Bill No. 311, transmitted by Mayor William P. Kenoi, via Communication No. 972, dated <br /> October 7, 2010, authorizes the issuance of up to $56,000,000 in general obligation bonds, <br /> including $500,000 for bond issuance costs, for the County of Hawaii for the purpose of funding <br /> all or a portion of the costs of various public improvement projects; fixing the form, <br /> denominations, and certain other details of such bonds and providing for their sale to the public; <br /> and authorizing the taking of other actions relating to the issuance and sale of the bonds. <br /> Director of Finance Nancy Crawford said the bond provides funding for thirteen (13) carefully <br /> selected projects island wide, addresses safety issues and critical needs of underserved populations <br /> while stimulating economic development. <br /> Deputy Director of Finance Deanna Sako said the County's debt service percentage, including this <br /> current request of$56 million, would be approximately 14.1%. <br /> Council Member Ford moved to amend Bill No. 311 with the contents of Communication 972.2 <br /> and it was seconded by Council Member Yagong. The amendment failed. <br /> On the main motion, it should be noted that Council Members Ford, Ikeda, Yagong and <br /> Yoshimoto each voted "kanalua" once, then "no." <br /> Your Committee on Finance is in accordance with the purpose and intent of Bill No. 311 and <br /> recommends it pass first reading. <br /> kk <br /> AYES NOES A&E EX Respectfully submitted, <br /> ENRIQUES X <br /> FORD x COMMITTEE ON FINANCE <br /> GREENWELL X <br /> HOFFMANN X <br /> IKEDA X <br /> Ai <br /> NAEOLE X <br /> ONISHI x DENNIS "FRESH" ONISHI, CHAIR <br /> YAGONG X FC REPORT all ,1$ R�� <br /> YOSHIMOTO X ADOPTED: 4 U <br />