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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: September 20, 2011 Re: Comm. No. 355/Bill 97 <br /> PLACE: Council Chambers <br /> West Hawaii Civic Center <br /> Kailua-Kona, Hawai`i <br /> TIME: 11:07 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. 97, reports as follows: <br /> Bill No. 97, transmitted by Director of Finance Nancy Crawford, via Communication No. 355 <br /> dated September 7, 2011, is a bill for an ordinance amending Chapter 12, Article 4 of the <br /> Hawaii County Code 1983 (2005 Edition, as amended), Relating to Finance and Payment. <br /> The purpose of this bill is to clarify the uses of various funds as discussed in Chapter 12 relating <br /> to Improvement Districts. This bill primarily addresses the appropriate uses of the improvement <br /> district revolving fund and the changes allow for the advance payment of pre-formation costs. <br /> These costs are expected to be reimbursed when the bonds are issued after the improvement <br /> district is formed. Additionally, the bill clarifies that the administrative fees currently collected <br /> are used for administrative costs. <br /> Deputy Director of Finance Deanna Sako and Treasure Mike Okumoto appeared before Your <br /> Committee. <br /> Council Member Hoffmann requested more information regarding what qualifies as a pre- <br /> formation cost. Mr. Okumoto explained a pre-formation cost would include contracting services <br /> and/or engineering studies prior to the start of construction. He further explained this is the first <br /> time an Improvement District has been formed for a Sewer project and they needed a funding <br /> source for pre-formation costs. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill 97, and recommends <br /> it pass first reading. <br /> be <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. 119 <br /> YOSHIMOTO X ADOPTED: OCT 0 5 2011 <br />