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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: July 6, 2011 Re: Comm. No. 249/Bill 64 <br /> PLACE: Council Chambers <br /> Hilo, Hawai`i <br /> TIME: 2:33 p.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 64, reports as follows: <br /> Bill 64, transmitted by Director of Finance Nancy Crawford, via Communication 249 dated June <br /> 20, 2011, is a bill for an ordinance to terminate Improvement District No. 17, Kaloko <br /> Subdivision. <br /> The purpose of this bill is to authorize the Director of Finance to terminate Improvement District <br /> No. 17, Kaloko Subdivision, and to provide for the disposition of the Improvement District No. <br /> 17 cash remaining in the ID Assessment Fund upon its termination and close of the ID <br /> Assessment Fund. <br /> Director of Finance Nancy Crawford, Department of Finance Treasury Division Treasurer Mike <br /> Okumoto appeared before Your Committee. Ms. Crawford stated the initiation and management <br /> of the Improvement District is the responsibility of the treasurer. Mr. Okumoto stated the last <br /> bond payment made on August 1 of this year. It was paid in advance with reserve funds before <br /> the bond matured, saving owners about 7 % interest. Therefore, there is no reason to keep this <br /> Improvement District open, and as provided by the County Code, it is required to process an <br /> ordinance to terminate it. Furthermore, there is a balance of$85,000, which is equivalent to one <br /> month's worth of payment that will need to be refunded. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill 64, and recommends <br /> it pass first reading. <br /> dkr <br /> AYES NOES A&E EX Respectfully submitted, <br /> BLAS X <br /> FORD X COMMITTEE ON FINANCE <br /> HOFFMANN X <br /> IKEDA X <br /> ONISHI X � <br /> PILAGO X <br /> SMART X BRENDA FORD, CHAIR <br /> YAGONG X FC REPORT NO. 77 <br /> YOSHIMOTO X ADOPTED: JUL 2 2 Mt <br />