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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: December 3, 2013 Re: Comm. No. 532/Bill No. 156 <br /> PLACE: Council Chambers <br /> Kona, Hawai`i <br /> TIME: 1:35 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 No. 156, reports as follows: <br /> Bill No. 156,transmitted by Mayor William P. Kenoi, via Communication No. 532 dated <br /> November 14, 2013, authorizes the issuance of General Obligation Bonds of the County of Hawai`i <br /> for the purpose of funding all or a portion of the costs of various public improvement projects; fixing <br /> the form, denominations, and certain other details of such bonds and providing for their sale to the <br /> public; and authorizing the taking of other actions relating to the issuance and sale of the bonds. <br /> Aggregate principal amount not to exceed $61 million for the purpose of funding all or portion of the <br /> costs of the 23 public improvement projects authorized and set forth in Exhibit A attached to the bill. <br /> Council Member Ford stated that she felt it was unfair that District 6 had no projects on the 2013 <br /> Bond Authorization Project Listing, Exhibit A, in Bill No. 156. She explained the details of the three <br /> proposed projects and noted that she confirmed with the administration that none of them are <br /> scheduled in the Operations Budget. <br /> Council Member Yoshimoto felt that if one council member adds proposed amendments then all <br /> members should be allowed to do so. <br /> Proposed amendments were transmitted via Communication No. 532.1 by Council Member <br /> Brenda J. Ford, dated November 27, 2013. <br /> Finance Director Nancy Crawford and Deputy Director Deanna Sako appeared before Your <br /> Committee for questions. Ms. Crawford stated that a few of the projects on the list were island-wide <br /> projects; however, she could not provide specific information as to where they were to be carried out. <br /> She referred the council members to forward their questions to the perspective departments for more <br /> information. Deputy Director Sako stated that the $61 million was the estimate calculated for the <br /> projects based on the total debt service percentage as compared to total expenditures; a 13.5 percent <br /> difference. She reported that the Government Finance Officers Association (GFOA) recommends no <br /> more than 15 percent. <br /> FC Report No. 116 <br />