CHC 1979-01-23 - Laserfiche WebLink

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Department of Water was kept separate then the water bond when it floated would have a better rating because there would not be any kind of political overtones about it. As you recall , back in the early '60 ' s anyway, a lot of water bonds were being floated on the mainland. Mr. Cadinha can remember some of those water bonds. At that time, the rates were better if they were kept autonomous. But as I see it now, the way the county is operating they hardly ever have any money, anyway for bonds. They haven ' t done a darn thing about changing the fiscal structure. They 'got -most of their accounts out of the legislature. The State Legislature floated most of the CIP ' s here and except for the minor operational system some of the major ones coming down has been through county bonding system which is the last two million bucks. MR. TRULSON: It got a little confusing. I know you stated earlier here that bonds were purchased for Water Department waterways. The county purchased bonds for the Board of Water Supply? MAYOR MATAYOSHI : No, the county floated bonds. Well , it has not yet. It has authorization to do so. To float bonds to develop two million dollars worth of water resource development. MR. TRULSON: They get the money. Are they not accountable to the Mayor ' s office or the council ' s office. I don ' t quite understand how it works. MAYOR MATAYOSHI : We got it kind of mixed up on this. It is not. We are talking about operational systems as one. Where the water rates are set up. This is operational money. Where I think they report out the financial balance to show income expense and left over the last one was a few hundred thousand. Where your income is your operational income of rates of water comes out. Tn at's it. And in it also you will see some debt service charges. Now this is to pay back old bonds that were floated by the state in behalf of the Water Department here. That is as it was. Okay? As it is now, what I am saying is subsequent to the last eighteen or twenty years , I guess , I haven ' t seen any of the Water Department floating its own bonds to make any capital improvements. Because without water we can ' t expand. What we are now doing is the county is coming forth and the County Council approved a two million dollars for a general obligation bond. Using the whole county' s assets to float this bond to develop with the help, now, and this is very important, the contribution of the State. It' s not only the account of two million, the whole package is about three point something million. The difference being the state gave the difference. I think the Governor should have equal credit on this , too, by the way, because he is kickingit in. You see the Department of Land and Natural Resources , Water Division is putting this in. We combined the two and are developing the -22-