HomeMy WebLinkAboutRES 036 Draft 01 2004-2006 COUNTY OF HAWAII STATE OF HAWAII
RESOLUTION NO. 36 (Y5
RESOLUTION REQUESTING THAT THE STATE OF HAWAI I, PURSUANT TO
CHAPTER 39B OF THE HAWAII REVISED STATUTES, ALLOCATE AN
ADDITIONAL UNUSED 2004 PRIVATE ACTIVITY BOND AUTHORITY TO THE
COUNTY OF HAWAII.
WHEREAS, pursuant to Section 39B-2(d), of the Hawai i
Revised Statutes, a county may request additional allocations of
the annual state private activity bond ceiling from the State,
or assign all or any part of its portion of the allocation of
the annual state ceiling authority; and
WHEREAS, pursuant to Section 39B-2(a)(3), of the Hawai i
Revised Statutes, the County of Hawaii annual state ceiling for
each calendar year is equal to 5.03 percent of the annual state
ceiling or approximately $11,759,889 for 2004; and
WHEREAS, the County of Hawaii recognizes the need to
provide affordable home ownership opportunities for the workers
of our county; and
WHEREAS, the County of Hawaii has determined that there is
a need to provide residents of our County with additional
resources to purchase affordable housing units; and
WHEREAS, the County of Hawaii wishes to issue private
approximately $11,759,889 of activity bonds to create a single
family loan program similar to the State of Hawai'i's Hula Mae
Single Family Program for the residents of our county; and
WHEREAS, the County of Hawaii intends to work
cooperatively with the State to create a single family
homeownership loan program that will complement the State's
housing programs and initiatives.
NOW, THEREFORE, BE IT RESOLVED BY THE HAWAII COUNTY
COUNCIL that, the State of Hawaii be induced to allocate
approximately $11,759,889 of 2004 state private activity bond
ceiling to the County of Hawaii pursuant to 39B-2(d).
BE IT FURTHER RESOLVED, that the Mayor or his duly
authorized representative be authorized to execute any documents
required to obtain the County of Hawaii 2004 state private
activity bond ceiling from the State of Hawaii.
BE IT FURTHER RESOLVED, that a copy of this resolution be
transmitted to State of Hawaii Department of Budget and Finance
Fiscal Administration Division, the Office of Housing and
Community Development and the Finance Department.
BE IT FURTHER RESOLVED, that this resolution shall take
effect immediately.
Dated at Hawaii, this day of 2005.
INTRODUCED BY:
~ ~i - ~ 1
1 v i,~-~~____~
COUN IL MEMBER, COUNTY OF HAWAII
COUNTY COUNCIL ROLL CALL VOTE
County of Hawaii
Hilo, Hawaii AYES NOES ABS EX
ARAKAKI
I hereby certify that the foregoing RESOLUTION was by the RIGA
vote indicated to the right hereof adopted by the COUNCIL of tJOFFmAN
the County of Hawaii on HOLSCH UH
ATTEST: IKEDA
ISBELL
JACOBSON
PILAGO
SAFARIK
Reference C-81/FC
COUNTY CLERK CHAIRMAN & PRESIDING OFFICER RESOLUTION NO. `36 4~ S