HomeMy WebLinkAboutREP FC 635 11/02/1992 REPORT OF THE
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LOMMITTEE ON FINANCE -►� >
Date: November 2, 1992 Re: C-4284
Place: Councilroom
Time: 9 : 00 a.m.
Your Committee on Finance, to which was referred 'Resolution
No . 540-92, reports as follows :
The purpose of Resolution No. 540-92 is to authorize the Director of
Finance of the County of Hawaii to apply excess money presently in
the General Fund to fund the costs of Alii Drive Sewer Line and
Waiaha Pump Station and to reimburse the General Fund in such amount
when proceeds of general obligation bonds are available.
Pursuant to Section 47-2 . 1 of the Hawaii Revised Statutes, general
obligation bonds may be issued for an undertaking as defined in
Section 49 . 1 for which such bonds are authorized to be issued. The
governing body may require that the general fund of the county shall
be reimbursed from the revenue of the undertaking for all of the
principal of and interest on such bonds . Whenever the undertaking
shall be under the management and control of a department or board of
the county and such department or board has the power and authority
under chapter 49 to issue revenue bonds under that chapter, no bonds
shall be authorized under this chapter unless by resolution by the
County Council .
Pursuant to Section 49-1 of the Hawaii Revised Statutes, it states
that the Governing Body includes the council in charge of the finance
of a county. Undertaking means any one or combination of two or more
of the following, water, sewage, gas or electric, heat, light or
power works, plants, and systems, together with all parts thereof and
appurtenances thereto, including but not limited to, supply and
distribution systems, reservoirs, dams, sewage treatment and
disposals works, and generating plants . The term undertaking also
means the public off-street parking facilities .
The Committee on Finance understands that the Director of Finance of
the County of Hawaii is requesting authorization to use $1, 700 , 000 of
the General Fund to fund the cost of the Alii Drive Sewer Line and
Waiaha Pump Station projects .
The Committee also understands that the County does not presently
have any general obligation bond proceeds to pay for the cost of the
projects .
FC REPORT No. 635
ADOPTED: NOV. 1 0 ie
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FC- 635 Page 2 November 2, 1992
The Committee further understands that the County will authorize and
issue general obligation bonds to fund the costs of the projects
within the next six months .
The Committee understands that the General Fund will be reimbursed
from the issuance of the bonds .
The Committee on Finance concurs with the intent and purpose of
Resolution No . 540-92 and recommends its adoption.
Respectfully submitted,
COMMITTEE ON FINANCE { AYES NOES
I
ALONZO ; X
r A- // ARAKAKI X
4
JAI " . Al. AKI , CHAIRMAN DE LIMA X
DOMINGO A&E
LAI X
LA/DI MAKUAKANE X
RUDDLE X
FC REPORT NO. 635
ADOPTED: