HomeMy WebLinkAboutREP FC 339 05/14/1980 1976-1980 REPORT OF THE
COMMITTEE ON FINANCE
Chairman and Members
Hawaii County Council
Hilo, Hawaii
Your Committee on Finance submits for approval Committee
Reports dated May 14 , 1980 and numbered 333 thru 342.
HARVEY e7;757/ AIRMAN
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MERL' K. LAI, VST ' HAIRMAN TAKASHI DOMINGO, MEMBER
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411
REPORT OF THE
COMMITTEE ON FINANCE
May 14 , 1980
Chairman and Members
Hawaii County Council
Hilo, Hawaii
Your Committee on Finance to which was referred:
Aa..Comm. 1546 : WAIAKEA FLOOD CONTROL PROJECT - PHASE II
(Res . 616) From Mayor Herbert T. Matayoshi dated May 7, 1980
informing bids for Phase II of the Waiakea Flood
Control project were opened recently and the low
bid of four was $1, 345, 478. 70 , which was acceptable
to the Public Works Department. The bidding results
have been reported to the Governor and they have
requested the release of $456 ,645 in State funds
appropriated for this project. As State funds will
lapse on June 30 , 1980 unless encumbered by contract,
they are trying to expedite the paper work so that
the State funds can be saved and the badly needed
project can be implemented.
Informs , like the South Kohala water project, County
funds must be advanced from available sources in
other accounting funds , primarily the General Fund,
because of current interest rates and the fact that
the bill removing the legal 8 percent ceiling on
• general obligationbonds has not yet been signed into
law by the Governor.. Accordingly , submits a resolu-
tion to transfer $1,000 ,000 in cash from other funds
to the Capital Projects Fund in order that the project
can be undertaken;
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recommends Council approve and adopt Resolution 616 authorizing
the Director of Finance, in accordance with Section 103-6 , HRS, 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 that
the funds from which the transfer or loan is made shall be reimbursed
from the proceeds of the bond sales upon the eventual issuance and
sale of the bonds , - or by appropriations of the Council.
HAWAII COUNTY COUNCIL — HILO, HAWAII ;
COMMITTEE ON
I DO HEREBY CERTIFY that the foregoing Committee Report was
adopted by the Council of the County of Hawaii on MAY 21 1980 • FINANCE
•ATTEST:
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�' �' �� REPORT N0. 339
R. B. .
P Leg a i te e . Yamashiro
P
COUNTY CLERK COUNCIL HAIRMAN