HomeMy WebLinkAboutREP FC 340 10/07/2008 2006-2008
REPORT OF THE
COMMITTEE ON FINANCE
DATE: October 7, 2008 Re: Comm. No. 1479/Bill No. 372
PLACE: Council Chambers
TIME: 1:00 P.M.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 372, reports as follows:
Bill No. 372, transmitted by Director of Finance William Takaba, via Communication No. 1479, dated
September 22, 2008, is a bill for an ordinance amending Ordinance No. 01-118 that would permit the Bank of
New York, which does not have an office in Honolulu, to continue as paying agent for the 2001 Special
Assessment Refunding Bonds or allow the County to act as its own paying agent.
In December 2001, Ordinance No. 01-118 was passed by the County Council, which authorized the issuance of
Improvement District No. 17, Kaloko Subdivision, 2001 Special Assessment Refunding Bonds, with Bank of
Hawaii appointed as the paying agent. On February 9, 2004, Bank of Hawaii resigned as paying agent and
appointed the Bank of New York as its successor. Section 6.01 (b) of the enabling ordinance states: "The
Paying Agent and Bond Registrar initially appointed, and any successor thereto, may be removed by the County
and a successor or successors may be appointed; provided that such successor or successors shall be a bank or a
trust company doing business in and having an office in the city where the predecessor did business and had an
office."
Bill No. 372, Draft 2, transmitted by Director of Finance William Takaba, via Communication No. 1479. 1,
dated October 1, 2008, is a re-formatted version of the original bill and reflects the amendments to Ordinance
No. 01-118, in Ramseyer format. There is no change to the content and effect of the original bill. Mr. Takaba
requested that Bill No. 372, Draft 2 replaces Bill No. 372.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 372 as amended to
Draft 2, and recommends it pass first reading.
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AYES NOES A&E Ex Respectfully submitted,
FORD X
HIGA x COMMITTEE ON FINANCE
HOFFMANN X
IKEDA X
JACOBSON X
NAEOLE X
PILAGO x DOMINIC YAGON H R
YAGONG X FC REPOR O. 340
YOSHIMOTO X ADOPTED: OCT 2 2 2909