HomeMy WebLinkAboutREP FC 256 10/27/1982 1980-1984 Aik
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REPORT OF THE
COMMITTEE ON FINANCE
October 27 , 1982
Chairman and Members
Hawaii County Council
Hilo , Hawaii
Your Committee on Finance to which was referred:
/. Comm. 973 : GENERAL OBLIGATION BONDS
(Bill 893) From Director of Finance Stanley A. Nakamae dated
October 7 , 1982 informing bonds authorized and
unsold total $7 , 000, 000. If these bonds are sold,
$1, 780, 000 , borrowed to implement several projects
approved in the Bond Fund, will have to be returned
to the general fund, leaving $5, 220, 000 to finance
other projects from an approved list that totals
about $12, 000 , 000.
The bond market has improved considerably and a
tax change to be effective January 1, 1983 make it
advisable to sell bonds this calendar year; there-
fore, the bond sale would be timed for late
November or early December.
In order to sell the bonds , the interest ceiling
must be raised from the current 10 percent to about
12 percent and submits an ordinance bill to accom-
plish this ;
recommends Council approve and adopt Bill 893 on first reading.
FC REPORT No, 256
ADOPTED : NOV 3 19
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REPORT OF THE
COMMITTEE ON FINANCE
October 27 , 1982
Chairman and Members
Hawaii County Council
Hilo, Hawaii
Your Committee on Finance submits for approval, Committee
Reports dated October 27 , 1982 and numbered 255 through 260.
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