HomeMy WebLinkAboutREP FC 240 04/19/2004 2002-2004REPORT OF THE
COMMITTEE ON FINANCE
DATE: April 19, 2004
PLACE: Council Chambers
T1ME: 9:06 a.m.
Re: Comm. No. 572/Bill No. 254
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 254, reports as follows:
Bill No. 254, transmitted by Council Member Aaron S.Y. Chung, via Communication No. 572, dated March 30.
2004, authorizes the issuance of $4Q,000,000 general obligation bonds for the purpose of financing various public
improvements of the County of Hawaii; fixing the form, denominations, and certain other details of such bonds
and providing for their sale to the public; and authorizes the issuance and sale of a like principal amount of
general obligation bond anticipation notes in anticipation of the issuance and sale of such bonds.
The approval of Bill No. 254 will allow the County to finance various overdue highway construction and road
improvements projects in the districts of North Kona, South Kona, Puna and South Kohala.
In selecting various road and highway construction projects, priority shall he given to internal connector roads and
road extensions to relieve traffic bottlenecks and congestion in North Kona and South Kona, the findings and
recommendations ofthe Keahole to Honaunau Regional Circulation Plan and Puna Regional Circulation Plan, an
alternative route to the intersection of Lindsey Road and Mamalahoa Highway in Waimea, strategic and timely
acquisition of rights-of-way in Kona and Puna, and installation of traffic signals and other safety improvements.
It is intended that the distribution of the proceeds shall be apportioned as ibllows: North and South Kona,
$23 million: South Kohala, $10 million: Puna, $7 million.
Pursuant to Chapter 3. Section 5-3.3(c), Hawaii County Charter, the Director of Finance shall negotiate loans and
the issuance and sale of bonds and notes when authorized by the Council.
Your Committee received written testimony in favor to the measure from John Ray, who wrote in both as
Chairman of South Kohala Traffic Safety Committee and as President of the Hawaii Leeward Planning
Conference and Mayor Barry Kim. In addition. oral testimony regarding the measure was received by
Irma Yamada.
for informational purposes, Mr. Arakaki voted "kanalua" then "no."
Your Conunittcc on finance is in accord with the purpose and intent of Bill No. 254 recommends it pass first
reading.
smc
.APES ,NOES .A&Y: 47x
CHUNG X
SA FARIK X
ARA KAKI X
ELARIONOFF X
HOLSCHUH X
JACOBSON X
REYNOLDS ?(
TULANC X
TYLER X
Respectfully submitted
CO I~I'EE ON FINANCE
~~
AARON S. . C! UNG. CHAIR
PC REPORT NO. ~
aDOPTED: MAY