HomeMy WebLinkAboutREP FC 467 02/08/1988 1984-1988 OFFICE INFORMATION ONLY
Meeting: February 17, 1988
Action: Defer action on FC Report 457; Report to be taken up
together with. Bill 472.
Re: FC Rept. 467
OFFICE INFORMATION ONLY
Meeting: March 2, 1988
Action: Receive and file FC Report 467
Re: FC Rept. 467
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411 REPORT OF THE
COMMITTEE ON FINANCE
Date: February 8, 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 Communication
No . 1448.1 reports as follows:
The purpose of Communication No. 1448.1 is to seek authorization for
the employment of bond counsel .
Section 5-2.5 , Hawaii County Charter , authorizes the Council, by
two-thirds vote of its entire membership, to approve the employment
of special counsel for any special matter presenting a real
necessity for such employment . Any such authorization shall specify
the compensation.
Your Committee on Finance has been informed thatthere is a need to
hire bond counsel to advise the County in regard to the bond issue
connected with the fuel tax increase. If approved, compensation
will be set as not to exceed $10 ,000, plus out-of-pocket expenses
for long-distance telephone calls, telegraph, postage, reproduction,
travel and incidental costs incurred in the authorization, issuance
and sale or disposition of the bonds . The fee shall become payable
and due only upon issuance of the public improvement bonds .
In response to a question regarding why the request was before the
committee at this time, your committee was informed that it was
dropped from the Council ' s agenda in the past in order that a
summary of costs could be ascertained. In the discussion, it was
reiterated that there would be no cost to the County for a bond
counsel unless bonds were actually issued.
Your Committee on Finance concurs with the request that it is
necessary to hire a special counsel for the issuance of general
obligation bonds and it recommends that the Council approve:
FC REPORT No . 467
ADOPTED :
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FC-467 Page 2 February 8, 1988
1 . The authorization to hire special counsel;
2 . That the compensation will not exceed $10,000, plus
out-of-pocket expenses, as described; and
3 . The compensation will only become due when and if the
bonds are issued .
(ABSENT & EXCUSED)
FRANK DE LUZ III, CHAIRMAN
WAAL/ c,\
ORRA E .40rJI HAKU-INO YE, .C. A L. K. DAHLBERG, MEMBER
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ABSENT & EXCUSED)
TAKASHI DOMINGO, MEMBER SSELL S. KOKUBUN, MEMBER
07 _diME". E K. LA SPENCER K. SCHUTTE, MEMBER
LA/KK/HAT