HomeMy WebLinkAboutRES 023 Draft 01 1980-1984tr i
County of Hawaii—State of Hawaii
Resolution No. 2.3 O1
A RESOLUTION AUTHORIZING THE TEMPORARY LOAN OF FUNDS FOR UNDER-
TAKING 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, and where in his judgment such action will not impede
the necessary or desirable financial operations of the county,
for undertaking public improvements for which the issuance or
sale of the general obligation 'bonds have been duly authorized;
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. 551 adopted on March
5, 1980, amended by Ordinance No. 562 adopted on April 30, 1980,
the County issued and sold $7,500,000 in general obligation bonds
with the proceeds applicable only to undertake specific public
improvements listed in Ordinance No. 482, as amended;
WHEREAS, by Ordinance No. 631 adopted by the County Council
on September 29, 1980, the $2,000,000 in authorized but unissued
bonds were authorized for application to any public improvement
approved in Ordinance No. 586; the Capital Budget Ordinance for
1980-81, as well as to any public improvement listed in
Ordinance No. 482, as amended;
WHEREAS, the County desires to undertake the South Hilo
Water Development project approved in Ordinance No. 586 for which
$250,000 has been appropriated,
E
NOW, THEREFORE, BE IT RESOLVED by the Council of the County
of Hawaii that the director of finance be authorized in accordance
with Section 103-6, Hawaii Revised Statutes, to temporarily
transfer or loan $250,000 to the Capital Projects Fund from any
other fund which can wholly or partially accommodate such transfer
or loan; to be applied to the South Hilo Water Development
project.
BE IT FURTHER RESOLVED that the funds from which the transfer
or loans are 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 2'0fh day of January 1981.
INTRODUCED BY:
Council Member
County 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
ATTEST:
"` `
COUNT
Y C RK7
January 20, 1981
ER
ROLL CALL VOTE
1AYES1 NOES
De Luz, III 0X
Domingo X
Hale Ix
Kawahara X
Lai x
Schutte
Chr. Yamashiro X
Reference:
M.B. No. c�
RESOLUTION NO. 2'q ' ®1