HomeMy WebLinkAboutREP FC 145 09/30/1997 1996-1998 REPORT OF TAE
COMMITTEE ON FINANCE
DATE: September 30, 1997 Re: Comm. No. 491Bi11 No. 142
PLACE: Councilroom
TIME: 10:35 A.M.
Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 142, reports as follows:
Bill No. 142, transmitted by Finance Director Harry Takahashi, via Communication No. 491,
dated September 9, 1997, authorizes the issuance and sale of general obligation bonds for the
purpose of securing payment of a loan for the Department of Water Supply to construct and
acquire betterments to, and extensions of, the properties of the Water System of the Department
of Water Supply, to be known as Ookala, Paauila and Paauhau improvements including the
acquisition of necessary lands.
The Department of Water Supply has requested the authorization of the sale of general
obligation bonds of the County in the principal amount of $775,000. The United States of
America, by and through the Department of Agriculture (USDA), has offered to make a loan in
the aforementioned amount to the County under the Federal Consolidated Farm and Rural
Development Act. In addition to the loan, the USDA has further offered to make grants not to
exceed $2,159,400 to the County to pay the balance of the costs of the Water System
Improvements.
Pursuant to Chapter 3, Section 5-3.3(c) of the Hawaii County Charter, the Director of Finance
shall negotiate loans and the issuance and sale of bonds and notes when authorized by the
Council.
A second draft of Bill No. 142 was submitted after typographical errors on page 2 were found.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 142, Draft 2,
and recommends it pass first reading.
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CHUNG g Respectfully submitted
LEITHEAO-TOOn X C TTEE OI~ FINANCE
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TYLER x AARON S.Y. CHUNG, CH IR
YAGONG X FC REPORT NO. 145
ARAKAHI,CO.M. X ADOPTED: 1 5 199%