HomeMy WebLinkAboutREP FC 036 04/09/1985 1984-1988 REPORT OF THE
411 •
COMMITTEE ON FINANCE
Date: April 9 , 1985 Re: Comm. 117
Place: Councilroom
Time: 9 :00 a.m.
Chairman and Members
Hawaii County Council
Hilo, Hawaii
Your Committee on Finance, to which was referred Bill 40 , reports as
follows :
The purpose of Bill 40 is to appropriate $7,500 for continued special
counsel of Improvement District 11 (Discovery Harbor Subdivision,
Kau) fromtheFund Balance--Construction account of I.D. 11. The
employ of special counsel has had a tremendous effect in collections
of delinquent assessments. In 1977, accounts of I.D. 11 were nearly
depleted; in '80 , the reserve fund was fully restored; and by '83 , a
surplus in the account provided for the redemption of all other
outstanding bonds, , leaving a balance to be refunded .
Special counsel has estimated $7,500 to be sufficient for the payment
of legal services, for what should be the final law suit , in
receiving the court ' s decision on conflicting claims for the refund.
With the sale of the final four foreclosed lots in April '85 , it is
anticipated that the district can be closed by the end of 1985 .
In Committee discussion, Councilman Schutte expressed his hopes that
this would be the last request for monies for special counsel for
I.D. 11 . Councilman Domingo was assured that the special counsel
would not change.
Your Committee on Finance concurs with the intent of Bill 40 and
recommends that it pass first reading/
AMA LAI )16
FRANK DE LUZ , III, CHAIRMAN
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,,_f.L'ORRAINE R. - JIT HAKU, VI CHR. JdAME• . K. DAHLBERG ; MEMBER
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TAKASHI% DOMINGO MER SELL KOKUBUN, M MBER
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MERIA K. LAI-, MEM: *e SPE ER K . SCHUTTE., MEMBER
LA/MS
FC REPORT No. 36
ADOPTED: APR 17 1985