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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: July 31, 2012 Re: Comm. No. 780/Bill No. 280 <br /> PLACE: Council Chambers <br /> Hilo, Hawai`i <br /> TIME: 11:25 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. 280, reports as follows: <br /> Bill No. 280, transmitted by Finance Director Nancy Crawford via Communication No. 780, <br /> dated July 13, 2012, amends Ordinance No. 11-81, authorizing the Mayor to enter into an <br /> intergovernmental agreement for a State Water Pollution Control Revolving Fund Loan (SRF) <br /> for wastewater public improvement projects and authorizes the issuance of general obligation <br /> bonds for the purpose of financing qualified Wastewater Public Improvements of the County of <br /> Hawai`i. <br /> The purpose of this measure is to increase Ordinance's stated maximum principal allowed for <br /> SRF funding in order to match the maximum eligible loan amount based upon the awarded bid <br /> price, which differs from the original estimates in the bond ordinance. These changes are <br /> reflected in the Ordinance Title, Section 1, and in Exhibit A, which has been replaced with a new <br /> exhibit labeled as Exhibit A, Draft 2. <br /> Environmental Management Acting Wastewater Division Chief Lyle Hirota and Business <br /> Manager Robin Bauman appeared before Your Committee. Ms. Bauman briefly explained the <br /> acceptance of maximum State Revolving Fund amount and stated it is not an increase of project <br /> cost. As requested by Chair Ford, Mr. Hirota briefly provided status on interceptor and <br /> dewatering projects. <br /> Some of Your Committee Members questioned the need to approve this resolution immediately <br /> or later should the project cost increase. It was recommended by Ms. Bauman stated that <br /> accessing these funds would only be used or occur after project is completed. Mr. Hirota <br /> commented this project would take approximately one year, in two phases because of traffic <br /> control. <br /> Chair Ford stated that a representative from Environmental Management is not required to attend <br /> the next Council meeting. <br /> FC Report No. 240 <br />