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<br /> <br /> <br /> <br /> <br /> REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> <br /> <br /> DATE: October 7, 2008 Re: Comm. No. 1479/Bill No. 372 <br /> PLACE: Council Chambers <br /> TIME: 1:00 P.M. <br /> <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> <br /> Your Committee on Finance, to which was referred Bill No. 372, reports as follows: <br /> <br /> Bill No. 372, transmitted by Director of Finance William Takaba, via Communication No. 1479, dated <br /> September 22, 2008, is a bill for an ordinance amending Ordinance No. 01-118 that would permit the Bank of <br /> New York, which does not have an office in Honolulu, to continue as paying agent for the 2001 Special <br /> Assessment Refunding Bonds or allow the County to act as its own paying agent. <br /> <br /> In December 2001, Ordinance No. 01-118 was passed by the County Council, which authorized the issuance of <br /> Improvement District No. 17, Kaloko Subdivision, 2001 Special Assessment Refunding Bonds, with Bank of <br /> Hawaii appointed as the paying agent. On February 9, 2004, Bank of Hawaii resigned as paying agent and <br /> appointed the Bank of New York as its successor. Section 6.01 (b) of the enabling ordinance states: "The <br /> Paying Agent and Bond Registrar initially appointed, and any successor thereto, may be removed by the County <br /> and a successor or successors may be appointed; provided that such successor or successors shall be a bank or a <br /> trust company doing business in and having an office in the city where the predecessor did business and had an <br /> office." <br /> <br /> Bill No. 372, Draft 2, transmitted by Director of Finance William Takaba, via Communication No. 1479. 1, <br /> dated October 1, 2008, is a re-formatted version of the original bill and reflects the amendments to Ordinance <br /> No. 01-118, in Ramseyer format. There is no change to the content and effect of the original bill. Mr. Takaba <br /> requested that Bill No. 372, Draft 2 replaces Bill No. 372. <br /> <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 372 as amended to <br /> Draft 2, and recommends it pass first reading. <br /> la <br /> <br /> <br /> AYES NOES A&E Ex Respectfully submitted, <br /> FORD X <br /> <br /> HIGA x COMMITTEE ON FINANCE <br /> HOFFMANN X <br /> IKEDA X <br /> JACOBSON X <br /> NAEOLE X <br /> PILAGO x DOMINIC YAGON H R <br /> YAGONG X FC REPOR O. 340 <br /> YOSHIMOTO X ADOPTED: OCT 2 2 2909 <br />