HomeMy WebLinkAboutREP FC 332 09/09/2008 2006-2008REPORT OF THE
COMMITTEE ON FINANCE
DATE: September 9, 2009 Re: Comm. No. 1423/Bill No. 360
PLACE: Sheraton Keauhou Bay Resort and Spa
78-128 `Ehukai Street
Kailua-Kona, Hawaii
TIME: 9:12 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 185, reports as follows:
Bill No. 360, transmitted by Director of Finance William Takaba, via Communication No. 1423,
dated August 26, 2008, authorizes the issuance of up to $8 million in general obligation bonds of
the County of Hawaii. These funds will be used for the Kaloko Housing Program facility and
related bond issuance costs.
Due to the urgent need for transitional. housing in West Hawaii, the Housing Agency desires to
proceed in the project with general obligation bond funding. The requested funds should cover
all of the costs of Phase I of the project. If other funding is subsequently obtained, the bond
funds can be reimbursed.
William Takaba, Director of Finance informed Your Committee that the State did not release the
funds for this project. Jeremy McComber, Housing & Community Development Specialist,
informed Your Committee that he was informed by Sen. Daniel Inouye that the federal grant
funding will not be available due to the limited funds.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 360, and
recommends it pass first reading.
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AYES NOES A&E EX
FORD X
HIGA X
HOFFMANN X
IKEDA X
JACOBSON X
NAEOLE X
PILAGO X
YAGONG X
YOSHIMOTO X
Respectfully submitted,
COMMITTEE ON FINANCE
DOMINIC Yf
FC