Finance director presents county's funded-debt summary; committee closes file

HILO ' The Hawaii County Council Committee on Finance received a tabular summary of the county's funded debt on Aug. 19 and voted to close the file after a brief presentation by the finance director.

Finance Director Diane Nakagawa and Treasurer Chris McConnell reviewed the statement of funded debt, which covers the county's general obligation bonds, State Revolving Fund loans, revenue bonds including community facilities districts (CFDs), water-reimbursable obligations and improvement district assessments. Nakagawa told the committee the report was transmitted "pursuant to chapter 47C of the Hawaii Revised Statutes" and that this summary is required within 30 days after a bond issuance close.

The director said the totals changed little from the previous presentation because the bond issuance and the close of the fiscal year occurred close together; most differences reflected scheduled maturities in the coming year. Nakagawa noted Schedule A shows general obligation bond principal outstanding (with original issue amounts added at a council member's request), Schedule B lists SRF loans, Schedule C covers CFDs, Schedule D lists obligations reimbursable by the water system, and Schedule E shows improvement districts.

Council Member Nava moved to close the file on Communication 426; Council Member Eustace seconded the motion. With seven members present the committee voted in favor; the clerk recorded seven votes for approval and the motion carried.

No public testimony was offered on the communication. The committee adjourned at 10:13 a.m.; the committee's next meeting was scheduled to begin at 11 a.m.