HomeMy WebLinkAboutREP FC 485 03/28/1988 1984-1988 REPORT OF THE •
COMMITTEE ON FINANCE
Date: March 28 , 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 Bill 516 , reports'
as follows:
The purpose of Bill 516 is to amend Ordinance 86-31, relating to
general obligation bonds , which was adopted on April 9 , 1986 , by
adding an additional paragraph allowing for the remaining proceeds
to be used for specified project (s ) , in particular , the Kuakini
Sewer/Interceptor "C" project .
During the March 23 , 1988 Council meeting, the Council disagreed
with the provisions of Bill 504 , amending the capital budget , to
allow the appropriation of $409 ,000 for the Kuakini Highway
Interceptor Sewer, Part C project , and the transfer of funds from
the Kona Flood Control - $365 ,000 and Alii Drive Realignment -
S44 ,000 projects . Your Council was aware that an appropriation of
S470 ,000 had already been authorized for the sewer project in
Ordinance 86-64 , the Capital Budget for the fiscal year ending
June 30 , 1987 . As such , the additional appropriation of $409 ,000 ,
as proposed by Bill 504 , was not necessary.
Bill 504 also proposed to transfer the unencumbered and unexpended
balance from the Kona Flood Control and Alii Drive Realignment
projects; however , it was not clear whether the intended project
fell within the scope of the projects authorized by the bond issue .
Bill 504 did not clearly indicate that the funds were originally
allotted from 1986 general obligation bond issue .
Your Council did not concur that Bill 504 did, in fact, provide for
a clear authority to use the remaining bond proceeds to fund the
Kuakini Sewer/Interceptor "C" project ; hence , the Council closed the
file on Bill 504 and approved Bill 516 on first reading and referred
it to the Finance Committee for further discussion .
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FC REPORT No. 485
Apg / 8
ADOPTED : • 6 '
411 411
FC- 485 Page 2 March 28, 1988
Bill 516 amends Ordinance 86-31, the bond authorization for the 1986
general obligation bond issue, by adding the Kuakini
Sewer/Interceptor "C" project to the list of projects to which the
remaining bond proceeds could be applied . Communication 1546 from
the Corporation Counsel 's Office also concurs that the bond
authorization ordinance should be amended to include additional
project (s ) for allotment consideration of remaining bond proceeds .
Your Committee on Finance is in accord with the purpose of Bill 516
and recommends its adoption on second and final reading.
414AU aebFRANK DE LUZ III, CHAIRMAN
(ABSENT & EXCUSED)
LORRAINE R. JITCHAKU-INOUYE, V.C. JA L. K. DAHLBERG, MEMBER
4" / / /1 /4;itLm
TAKASHI D MING MEMB 'USSELL S. KOKUBUN, MEMBER
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MERL K. LAI, MEMS R SPENCER K. SCHUTTE, MEMBER
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