HomeMy WebLinkAboutREP FC 188 10/19/2010 2008-2010 REPORT OF THE
COMMITTEE ON FINANCE
DATE: October 19, 2010 Re: Comm. No. 972/Bill No. 311
PLACE: Sheraton Keauhou Bay Resort and Spa
78-128 `Ehukai Street
Kailua-Kona, Hawai`i
TIME: 9:05 a.m.
Council Chair and Members
Hawai`i County Council
Hilo, Hawai`i 96720
Your Committee on Finance, to which was referred Bill No. 311, reports as follows:
Bill No. 311, transmitted by Mayor William P. Kenoi, via Communication No. 972, dated
October 7, 2010, authorizes the issuance of up to $56,000,000 in general obligation bonds,
including $500,000 for bond issuance costs, for the County of Hawaii for the purpose of funding
all or a portion of the costs of various public improvement projects; fixing the form,
denominations, and certain other details of such bonds and providing for their sale to the public;
and authorizing the taking of other actions relating to the issuance and sale of the bonds.
Director of Finance Nancy Crawford said the bond provides funding for thirteen (13) carefully
selected projects island wide, addresses safety issues and critical needs of underserved populations
while stimulating economic development.
Deputy Director of Finance Deanna Sako said the County's debt service percentage, including this
current request of$56 million, would be approximately 14.1%.
Council Member Ford moved to amend Bill No. 311 with the contents of Communication 972.2
and it was seconded by Council Member Yagong. The amendment failed.
On the main motion, it should be noted that Council Members Ford, Ikeda, Yagong and
Yoshimoto each voted "kanalua" once, then "no."
Your Committee on Finance is in accordance with the purpose and intent of Bill No. 311 and
recommends it pass first reading.
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AYES NOES A&E EX Respectfully submitted,
ENRIQUES X
FORD x COMMITTEE ON FINANCE
GREENWELL X
HOFFMANN X
IKEDA X
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NAEOLE X
ONISHI x DENNIS "FRESH" ONISHI, CHAIR
YAGONG X FC REPORT all ,1$ R��
YOSHIMOTO X ADOPTED: 4 U