HomeMy WebLinkAboutRES 540 Draft 01 1988-1992COUNTY OF HAWAII STATE OF HAWAII
RESOLUTION N0. ~ ~~ 92'
AUTHORIZING A TEMPORARY FUNDING FROM THE GENERAL FUND
WHEREAS, there are presently excess moneys in the General Fund
of the County of. Hawaii, which are not necessary for meeting the
requirements of the County during the neat six months; and
WHEREAS, the County has an immediate need to fund the costs of
the Alii Drive Sewer Line and Waiaha Pump Station (the "Project")
authorized in Capital Budget No. 91-51 to be funded from the
proceeds of general obligation bonds of the County; and
WHEREAS, the County does not presently have any general
obligation bond proceeds to pay the costs of the Project; and
WHEREAS, the County will authorize and issue general obligation.
bonds to fund the costs of the Project within the next six months;
and
WHEREAS, the Department of Treasury of the United States has
issued final regulations under Section 103 of the internal Revenue
Code of 1986, as amended, to clarify when the allocation of bond
proceeds to reimburse expenditures previously made by an issuer of
tax-exempt bonds is treated as an expenditure of the bond proceeds.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF
IiAWAII that:
1. The Director of Finance of the County of I'awaii is hereby
authorized to apply excess moneys presently in the General Fund to
fund in whole or in part the $1,700,000 costs of the Project and to
reimburse the General Fund in such amount when proceeds of general
obligation bonds are available therefor.
2. This resolution shall constitute a declaration of official
intent under United States Department of Treasury Regulation Section
1.103-18. The County reasonably expects the reimburse expenditures
for the Project with proceeds of @ebt to be issued by the County.
The maximum principal amount of debt expected to be issued by the
County for reimbursement of the Project's costs paid from the
General Fund is $1,700,000. No funds from sources of such
expenditures (other than proceeds of such debt) are, or are
reasonably expected to be, reserved, allocated on a long-term basis,
or otherwise set aside by the County pursuant to the County's budget
and financial policies with respect to such expenditures.
3. This resolution shall take effect upon its adoption.
4. That a copy of this resolution be transmitted to the Office
of the Mayor and the Departments of Finance and Public Works.
Dated at Hilo, Hawaii, this 18th. day of November 1992,
INTRODUCED BY:
OU CIL ME ER
COUNTY COUNCIL
County of Hawaii
Hilo, Hawaii
I hereby certify that the foregoing RESOLUTION was by
the vote indicated to the right hereof adopted by the COUNCIL
of the County of Hawaii on Nnvamher 1 8 , 199?
ATTEST:
ROLL CALL VOTE
AYES NOES ABS EX
ARAKAKI X
DE LIMA
DOMINGO
HALE X
ALONZ X
LAI
MAKUAKANE X
RUDDLE
CHUTTE
0 0
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CHAIRMAN & PRESIDING OFFICER RESOLUTION NO. ~ ~ ~'2