HomeMy WebLinkAboutREP FC 260 03/21/2006 2004-2006 REPORT OF THE
COMMITTEE ON FINANCE
DATE: March 21, 2006 Re: Comm. No. 745/Bill No. 243
PLACE: Sheraton Keauhou Bay Resort and Spa
TIME: 10:00 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 243, reports as follows:
BiII No. 243, transmitted by Director of Finance William Takaba, via Communication No. 745, dated
March 6, 2006, amends Ordinance No. 95-82 of the County of Hawaii adopted on July 5, 1995, as
amended by Ordinance No. 96-92 adopted on August 15, 1996, relating to the Issuance of General
Obligation Bonds.
Ordinance No. 95-82, better known as the 1996A General Obligation Bond (GOB) Ordinance, restricted
the use of bond proceeds to those Capital Improvement projects of the fiscal yeazs noted within the text of
the ordinance. Bond Ordinance No. 95-82, adopted on July 5, 1995, as amended by Ordinance No. 96-92,
adopted August 15, 1996, and allowed proceeds to be used only toward projects contained in the ClP
budget ordinances for the fiscal years ending in 1994, 1995, 1996 and 1997.
Presently, the County has CIP projects which are in progress or ready to start, but is not permitted to use
the unspent 1996A GOB funds due to the ordinance's restrictive language. The Administration
recommends allowing the use of the unspent funds for any appropriated projects noted in subsequent
fiscal years' capital budgets.
During its discussion, Your Committee felt that language be included that provides that all proposed
projects for this 1996A General Obligation Bond Ordinance are brought to the Council for approval
before expending any funds.
For informational purposes, Committee Member Hoffmann and Committee Member Holschuh voted
kanalua twice, Council Chair Higa and Committee Member Arakaki voted kanalua then no.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 243 and recommends it
pass first reading.
smc
Hues noes nee ex Respectfully submitted,
ARAKAKI X
RIGA X COMMITTEE ON FINANCE
HOFFMANN X
HOLSCHUH X
IKEDA X
1SBELL X •M--
JACOBSON x VIR INIA ISBELL, CHAIR
rlLACO x FC REPORT N 260
SAFARIK x ADOPTED: A J