HomeMy WebLinkAboutREP FC 236 04/06/2004 2002-2004REPORT OF THE
COMMITTEE ON FINANCE
DATE: April 6. 2004 Rc: Comm. No. 500/Bill No. 228
PLACE: Council Chambers
TIME: 11:15 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 228, reports as follows:
Bill No. 228, transmitted by Director of Finance William Takaba, via Communication No. 500, dated
February d, 2004, amends Ordinance No. 03-49 of the County of Hawaii, adopted on March 25, 2003, as
amended by Ordinance No. 03-125 adopted on August 27, 2003, relating to the issuance of general obligation
bonds.
Bill No. 228 proposes to amend the 2003A General Obligation Bond (GOB) Ordinance No. 03-49, as amended b}~
Ordinance No. 03-125, to include reference to the new Capital Improvement Program (CIP) project, Prosecuting
Attorney's Office at Aupuni Center. 'this new project is in the process of being added to the Capital Budget
Ordinance No. 03-90, of fiscal year 2003-04.
Bill No. 228, Draft 2 was referred to Your Committee, dated March 23, 2004, from Director of Finance William
l~akaba includes the Puainako Sewer Improvement District Project and the North Kona Sewer Improvement
District Project. Due to the change in scope of the Queen Lili'uokalani Collector Sewer project. it is estimated
that there will be an excess allotment of 2003A General Obligation Bonds in the amount of $200,000 which can
be used for these project studies.
Communication No. 500? from Deputy Director of Finance Nancy Crawford, dated April 2, 2004, provided an
explanation of the additional proceeds from the sale of the 2003A bond series. Since the bonds were sold at a
premium and since issuance costs were less than anticipated, there are excess bond funds available without
reducing the existing proposed funding. The administration anticipates funding $1,700,000 of the Prosecutor
project with 2003A bonds.
Some members of Your Committee were concerned that more funds are being expended on the Aupuni Center
Building.
For informational purposes, Mr. Tyler voted "kanalua," then "no."
Your Committee on Finance is in accord with the purpose and intent of Bill No. 228, Draft 2, and recommends it
pass first reading.
smc
CHUNC X
SA FARIK X
ARA KAKI X
ELARIONOFF X
HOLSCHUH X
JACOBSON X
REYNOLDS X
TI~LANG X
TYLER X
Respectfully submitted
ON FINANCE
AARON S.Y. CNUNG, CHAIR
FC REPORT NO. ~,.2~36
nDOPTED: ~pR? 11 ~e