HomeMy WebLinkAboutREP FC 077 07/06/2011 2010-2012 REPORT OF THE
COMMITTEE ON FINANCE
DATE: July 6, 2011 Re: Comm. No. 249/Bill 64
PLACE: Council Chambers
Hilo, Hawai`i
TIME: 2:33 p.m.
Council Chair and Members
Hawai`i County Council
Hilo, Hawai`i 96720
Your Committee on Finance, to which was referred Bill 64, reports as follows:
Bill 64, transmitted by Director of Finance Nancy Crawford, via Communication 249 dated June
20, 2011, is a bill for an ordinance to terminate Improvement District No. 17, Kaloko
Subdivision.
The purpose of this bill is to authorize the Director of Finance to terminate Improvement District
No. 17, Kaloko Subdivision, and to provide for the disposition of the Improvement District No.
17 cash remaining in the ID Assessment Fund upon its termination and close of the ID
Assessment Fund.
Director of Finance Nancy Crawford, Department of Finance Treasury Division Treasurer Mike
Okumoto appeared before Your Committee. Ms. Crawford stated the initiation and management
of the Improvement District is the responsibility of the treasurer. Mr. Okumoto stated the last
bond payment made on August 1 of this year. It was paid in advance with reserve funds before
the bond matured, saving owners about 7 % interest. Therefore, there is no reason to keep this
Improvement District open, and as provided by the County Code, it is required to process an
ordinance to terminate it. Furthermore, there is a balance of$85,000, which is equivalent to one
month's worth of payment that will need to be refunded.
Your Committee on Finance is in accord with the purpose and intent of Bill 64, and recommends
it pass first reading.
dkr
AYES NOES A&E EX Respectfully submitted,
BLAS X
FORD X COMMITTEE ON FINANCE
HOFFMANN X
IKEDA X
ONISHI X �
PILAGO X
SMART X BRENDA FORD, CHAIR
YAGONG X FC REPORT NO. 77
YOSHIMOTO X ADOPTED: JUL 2 2 Mt