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HomeMy WebLinkAboutREP FC 067 05/13/1981 1980-1984 • 411 Report Of The • COMMITTEE ON FINANCE • May 13, 1981 _ Chairman and Members Hawaii County Council Hilo, Hawaii Your Committee on Finance to which was referred: Bill 733 : PUBLIC IMPROVEMENT BONDS (C-103. 1) Amends Ordinance No© 678 of the County of Hawaii, State of Hawaii, relating to the issuance and disposition of $750 ,000 public improvement bonds of the County of Hawaii to secure the payment of a loan by the United States of America, United States _Department of Agri- culture, Farmers Home Administration, and relating to fixing the form and details of such bonds; (Intr. by: Mr. Fujii) recommends Bill 733 be amended as follows : (1) Page 8, Second Paragraph, to read: "This instrument is authorized by the Council of the County of Hawaii to beissued to provide funds for a public undertaking from which revenues are derived by •the County of Hawaii, to wit: for improvements to the waterworks system of the County of Hawaii.. This instrument is issued under and pursuant to and ,in full compliance with the Constitution and statutes of the State of Hawaii, including Part I of Chapter 47 , Hawaii Revised Statutes , the Charter of the County of Hawaii, and the proceedings of the Council of said County of Hawaii duly taken thereunder [, for the purpose of securing the payment of a. loan from the United States of America, United States Department of Agriculture, Farmers Home Adminis- tration, which loan will provide funds for public improvements to the water storage and transmission facilities of the County of Hawaii] . This instrument is a general obligation of the County of Hawaii and the payment of the principal and interest hereof is a first charge on the general fund of said County. The full faith and credit of the County of Hawaii are irrevocably pledged to the punctual payment of the principal hereof and interest hereon according to [the] its terms [hereof] . y 111 FC-67 Page 2 (2) Page 11 to read: "SECTION 5. A new section is added to Ordinance No. 678 to be numbered ' Section 7 ° and to read as follows.: ' SECTION 7. Security for the Bonds; Reimbursement. The Bonds shall be issued for a public undertaking from which revenues are derived, to wit: for improvements to the waterworkssystem of the County of Hawaii. The full faith and credit of the County of Hawaii are hereby pledged to the payment of the principal of and interest on the Bonds and the principal and interest payments shall be a first charge on the General Fund of the County of Hawaii; provided, however, that the Director of Finance shall reimburse the General Fund for the , payment of the principal of and interest on the Bonds from the net revenues derived from the waterworks system which remain after the costs of operation, maintenance and repair of such waterworks system and the required payments, if any, of the principal of and interest on all revenue bonds issued therefor have been made. ' SECTION 6. The old Section 7 of Ordinance No. 678 shall be renumbered Section 8. SECTION I[5] 7. Material to be repealed is bracketed. New material is underscored. In printing this ordinance, the brackets, bracketed material and underscoring need not be included. SECTION [6] 8. In the event any portion of this ordinance is declared invalid, such invalidity shall not affect other parts of this ordinance. SECTION [7] 9. This ordinance shall take effect upon its approval. " Further recommends Council approve and adopt Bill 733, as amended, on second and final reading. FC REPORT No. 67. ADOPTED: • 411/ REPORT OF THE COMMITTEE ON FINANCE May 13 , 1981 Chairman and Members Hawaii County Council Hilo, Hawaii Your Committee on Finance submits for approval, Committee Reports dated May 13, 1981 and numbered 57 through 67. TOMIO FUJI', CHA RMAN 91,11 MERL K. LAI, VISE CHAIRWOMAN J':A S L. K® DAH BERG, MEMBER NO3 g$N .140A , • FRANK DE LUZ , III , MEMBER TAKASHI DOMINGO, MEM: ER / dA :ate //- �. `rte S S. KA r RA, MEMBER S° NCER KA -III SCHUTTE, MEMBER •I -��Via��: ,fP 71 Export No..or...®.. He No. , :L a ".r3. No.• newepy:'.req/ .4®cz .nae cveo.vaeeascYA