HomeMy WebLinkAboutREP FC 388 10/12/1983 1980-1984 c• S
REPORT OF THE
COMMITTEE ON FINANCE
October 12 , 1983
Chairman and Members
Hawaii County Council
Hilo, Hawaii
Your Committee on Finance to which was referred:
" ISSUANCE AND SALE OF GENERAL OBLIGATION BOND ANTICI-
(Res.� .Comm. 1183 .5:
752). PATION NOTES
From Director of Finance Stanley A. Nakamae dated
September 22 , 1983 , informing Ordinance 838 authorized
(1) the issuance and sale of $7 million general
obligation bonds for Department of Water Supply
projects; (2) bond anticipation notes to be issued in
the interim period before the sale of the bonds.
Informs the Department of Water Supply has scheduled
project implementation such that about $1 million will
be needed in October-December 1983 ; $3 .3 million in
April-May, 1984 ; $1.9 million during FY 84-85 ; and
$800 ,000 during FY 85-86 .
In view of this schedule , recommends that notes of
$1 million be issued in October and the $7 million in
bonds be issued in April-May, 1984 , with the notes to
be paid from the proceeds of the bond sales. Interest
on the notes and expenses of sale as well as debt
service charges on the bonds will be paid by the
Department of Water Supply. Transmits a resolution to
accomplish the above;.
recommends Council approve and adopt Resolution 752 .
TOMIO FUJII, CHAIRMAN
FC REPORT N0. . 388
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ADOPTED : OCT 19 19a3
M, .. /U0. 07 311