HomeMy WebLinkAboutREP FC 052 03/15/2005 2004-2006 REPORT OF THE
COMMITTEE ON FINANCE
DATE: March 15, 2005 Re: Comm. No. 128/Res. No. 54-OS
PLACE: Council Chambers
TIME: 10:18 a.m.
Council Chair Safarik and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Resolution No. 54-05, report as follows:
Resolution No. 54-05, transmitted by Councilmember K. Angel Pilago, via Communication No. 12R,
dated February 9, ?005, transfers funds as follows:
From:
010.101.510191.341 Clerk-Council SVC - General $9,694.50
Contingency Relief
To:
010.801.5801.50.341 "Transfer to ID 18-Kona General $9,694.50
Wonderview/Coastview
On August l8, 2004, the County of Hawaii adopted Ordinance No. 04-93. 'fhe ordinance authorized
the issuance of general obligation bonds series A and B to fund repayments of loans taken for a water
system improvement district, Improvement District 18-Kona Coastview and Kona Wonderview
Subdivisions, North Kona, Hawaii, for four million two hundred ninety-six thousand four hundred
dollars ($4,296,400).
A miscalculation occurred when three condominium units were counted on a lot where only two such
units actually exist. The total assessments were calculated on 437 lots. The recalculation of units would
mean an increase in assessments for the remaining 436 lots. It would be more fair and expeditious for
the County to absorb the cost of the miscalculation of $9,694.50.
There was no discussion on this measure.
Your Committee on Finance is in accord with the purpose and intent of Resolution No. 54-OS and
recommends its adoption.
smc
nrrs NOES nor; r:x Respectfully submitted,
A RAKAKI X
RICA _ x _ COMMIT"TEE ON FINANCE
HOFFMANN X
HOLSCMUH X l
IKEDA X I - ~ ~P
ISBELL X I^~i U'"^---' V-'ti- ~1
~ACORSON x VIRGI IA ISBELL, CHAIR
PILACO X PC REPORT NO. 52
S.4FARIK X ADOPTED: APR O
Fes,
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