HomeMy WebLinkAboutREP FC 049 02/28/2005 2004-2006 REPORT OF THE
COMMITTEE ON FINANCE
DA"f E: February 28, 2005 Re: Comm. No. 120/Bill No. 39
PLACE: Council Chambers
TIME: 10:10 a.m.
Council Chair Safarik and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 39, reports as follows:
Bill No. 39, transmitted by Director of Finance William Takaba, via Communication No. 120,
dated February 16, 2005, amends Ordinance No. 99-41 of the County of Hawaii adopted on
April 12, 1999, as amended by Ordinance No. 00-56 adopted on May 17, 2000, as amended by
Ordinance No. 04-61 adopted on May 27, 2004, relating to the issuance of general obligation
bonds for the purpose of financing various public improvements for the County of Hawaii.
As of June 30, 2004, there were approximately $1 1.8 million in unspent proceeds from the
County's 1999 general obligation bond issuance. The Bond Counsel is concerned about these
unspent funds, which could jeopardize the County's ability to borrow in the future. Bond
Ordinance 99-41 restricted the use of bond proceeds to specific projects and amounts noted
within the text of the ordinance; however, the projects identified did not always match with
projects that were ready to go forward, resulting in unspent bond proceeds. 'T'here are currently
CIP projects that are in progress and ready to start, but are lacking funds.
The purpose of this bill is to include public improvements projects appropriated in Ordinance
No. 02-77, Ordinance No. 03-90, and Ordinance No. 04-75 as amended, without the restriction
of having to be listed within the ordinance.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 39 and
recommends it pass first reading.
smc
Ayes rvoes nx~e: ex Respectfully submitted,
ARAKAKI _ X
a1cA X COMMITTTE ON F[NANCE
- -
HOFFMANN X
IIOLSCHUH X_
IKEDA X
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ISBE1.1,-- X ~ ~ 7 ~ W ±
~ncossoN x VIRG NIA ISBELL, CHAIR
PILAGO X PC REPORT NO. 49
SAFARIK x A~oPTED: MAR 1 6 2