HomeMy WebLinkAboutREP FC 525 07/25/1988 1984-1988 REPORT OF THE 110 �.v•
COMMITTEE ON FINANCE
Date: July 25, 1988
Place : Councilroom
Time: 10 :00 a.m.
Chairman and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Resolution
'No . 469-88, reports as follows:
The purpose of Resolution No. 469-88 is to inquire of the Tax
Foundation of Hawaii as to whether the Special Purpose Revenue Bonds
could be used as an alternate financial scheme to provide for
improvements to roads, water and other utility needs in substandard
subdivisions.
Your Committee on Finance is aware that there are many real estate
parcels in Hawaii County which are in substandard subdivisions . These
subdivisions are being looked to for affordable residential areas .
Your Committee is further aware that much research and discussions
have been done to try to discover financing schemes to improve roads,
water and other utility needs .
Your Committee is also aware that the Tax Foundation played a key role
in structuring the Special Purpose Revenue Bond which was ratified as
a state constitutional amendment by the electorate on November 7,
1978 . This authorized the legislature to enact enabling legislation
to counties for the purposes of issuing Special Purpose Revenue Bonds.
Committee,discussion of the resolution i' n it was pointed out
that some members of the Committee have been exploring other ways of
alleviating the problem of lack of adequate roads , utilities, etc . , in
some subdivisions and, therefore, the resolution was a welcomed
instrument of inquiry .
It was further pointed out in the discussion that industries have used
these special purpose bonds in the past . Also, with the improvement
of the infrastructures through the use of the bonds, greater revenues
can be realized by the County .
FC REPORT NO . 525
ADOPTED : AUG 319'' '
• • i• 111V
FC- 525 Page 2 July 25, 1988
Your Committee on Finance concurs with the intent of Resolution
No . 469-88 and recommends its adoption.
-44144.P .
FRANK DE LUZ III, CHAIRMANR• . NE ri '-C H - •
. OR R C AKU IN YE, .C.
e . .
- -(ABSENT & EXCUSED)
TAKASHI DOMINGO, MEMBER RUSSELL S. KOKUBtN, MEMBER
- - 1144 -' • • • 4111111110rtit - -
MERL K. LAI, MEMBER SPEN R K. SCHUTTE, MEMBER
LA/KK