HomeMy WebLinkAboutRES 616 Draft 01 1976-1980County of Hawaii—State of Hawaii
Resolution No. sILs
A RESOLUTION INCREASING THE AUTHORIZED AMOUNT OF TEMPORARY
TRANSFERS OR LOANS FOR UNDERTAKING PUBLIC IMPROVEMENTS.
WHEREAS, Section 103-6, Hawaii Revised Statutes, authorizes
the county director of finance, with the consent of the
Council, to make temporary transfers or loans from any fund
except pension or retirement funds, funds under the control
of any independent board or commission, funds set aside for
redemption of bonds or the payment of interest thereon, and
private trust funds, which in his judgment are in excess of
the amounts necessary for the immediate requirements of the
respective funds, and where in his judgment such action will
not impede the necessary or desirable financial operations
of the County, to other funds of the County for undertaking
previously authorized public improvements for which the
issuance or sale of general obligation bonds has been duly
authorized; and
WHEREAS, by Ordinance No. 586, adopted by the County
Council on June 20, 1973, and by Ordinance No. 443, adopted
by the County Council on June 6, 1979, the Waiakea Flood
Control project was properly authorized and $1,000,000 was
duly appropriated; and
WHEREAS, by Ordinance No. 482 adopted by the County
Council on October 17, 1979, amended by Ordinance No. 511
adopted on December 19, 1979, amended by Ordinance No. 550
adopted on March 5, 1980, and further amended by Ordinance
No. 562 adopted on April 30, 1980, $1,000,000 in general
obligation bonds was authorized for issuance to undertake
the Waiakea Flood Control project; and
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WHEREAS, the $1,000,000 is needed immediately to award
the contract to undertake the project and to encumber the
$456,645 in State funds appropriated for this project by
Act 218, S.L.H. 1974.($331,645), Act 226, S.L.H. 1976
($50,000) and Act 244, S.L.H. 1978 ($75,000); and
WHEREAS, current market interest rates exceed the eight
percent statutory interest rate ceiling applicable to County
general obligation bonds and notes; and
WHEREAS, H.B. No. 2773-80, which removes the statutory
interest rate ceiling on county bonds, was passed by the
State Legislature during the 1980 session and will be approved
by the Governor in due course; and
WHEREAS, upon enactment of H.B. No. 2773-80, the County
will be able to sell general obligation bonds and replace the
loaned funds; now, therefore,
BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII
that the director of finance is authorized, in accordance
with Section 103-6, Hawaii Revised Statutes, to temporarily
transfer or loan $1,000,000 to the Capital Projects Fund for
the Waiakea Flood Control project from any other funds which
can wholly or partially accommodate such transfer or loan;
and
BE .IT FURTHER RESOLVED that the funds from which the
transfer or loan is made shall be reimbursed by the director
of finance from the proceeds of the bond sales upon the
eventual issuance and sale of the bonds, or by.appropriations
of the Council.
Dated this 21st day of May.. , 1980.
INTRODUCED BY:
COU M7B O Y OF HAWAII
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.
MaX 21, 1980
ATTEST:
Q.
R. B. L 'ta P
COUNTY CLE K
9
ROLL CALL VOTE
AYES NOES A/E
Dahlberg
X
Domingo
X
Fujii
X
Garcia
X
Kawahara
X
Lai
X
Sameshima
X
Tajiri
Chr. Yamashiro X
8 0 1
Reference: _.....Y.
M.B. No. .......
RESOLUTION
15.1'6/FC'-339
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NO . .............. GILG