HomeMy WebLinkAboutREP FC 160 09/05/2007 2006-2008 REPORT OF THE
COMMITTEE ON FINANCE
DATE: September 5, 2007 Re: Comm. No. 622/Bill No. 153
PLACE: Sheraton Keauhou Bay Resor[ and Spa
TIME: 10:23 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 153, reports as follows:
Bill No. 153, transmitted by Director of Finance William Takaba, via Communication No. 622, dated
August 20, 2007, authorizes the issuance and sale of General Obligation Bonds of the County of
Hawaii, in the principal amount of $147,000 for the Department of Water Supply's (DWS) Andrade
Camp water system improvement project in Pepe`ekeo, Hawaii.
This project will be funded under the United States Department of Agriculture (USDA), Rural
Development Program. The funding provides for a grant amount not to exceed $510,500 and for a loan
amount of $147,000. As a condition of this funding, the USDA requires the DWS to secure a general
obligation bond as a pledge on the loan portion. The Water Board is expected to adopt a resolution
authorizing and providing for the incurrence of indebtedness for the loan portion of the project.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 153, and recommends it
pass first reading.
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Hues Noes A&e ex Respectfully submitted,
FORD X
xlcA x COMMITTEE ON FINANCE
HOFFMANN X
IKEDA X
JACOBSON X
NAEOLE X
FILACO X DOMINIC YAGON C I
vAGONG X FC REPO N 160
YOSHIMOTO x ADOPTED: SEP 1 9 2~Q7