Title
SERIES 2018 GENERAL OBLIGATION BOND OFFICIAL STATEMENT AND AMENDING THE FISCAL YEAR 2019 BUDGET TO ADDRESS DISQUALIFIED GENERAL OBLIGATION BOND PROJECTS (BF-176)
Description
The Committee is in receipt of the following:
1. County Communication 18-362, from the Director of Finance, transmitting a copy of the Series 2018 General Obligation Bond Official Statement and a synopsis of the sales results.
2. County Communication 18-364, from the Director of Finance, informing of the sale of $106,315,000 in County of Maui General Obligation Bonds 2018 Series A, B, C, D, and E.
3. Correspondence dated November 7, 2018, from the Budget Director, transmitting the following:
a. A proposed bill entitled "A BILL FOR AN ORDINANCE AMENDING THE FISCAL YEAR 2019 BUDGET FOR THE COUNTY OF MAUI AS IT PERTAINS TO ESTIMATED REVENUES; DEPARTMENT OF FINANCE, COUNTYWIDE COSTS, REIMBURSEMENT TO THE GENERAL FUND FOR PROJECTS DISQUALIFIED FROM TAX-EXEMPT BOND ISSUANCE; TOTAL OPERATING APPROPRIATIONS; TOTAL CAPITAL IMPROVEMENT PROJECT APPROPRIATIONS; AND TOTAL APPROPRIATIONS (OPERATING AND CAPITAL IMPROVEMENT PROJECTS)." The purpose of the proposed bill is to amend the Fiscal Year 2019 Budget by 1) increasing Estimated Revenues for Carryover/Savings from the General Fund by $1,500,000 and for the Bond/Lapse Bond Fund by $6,334,000; 2) by amending Section 3.4.f., Department of Finance, Countywide Costs, by adding an appropriation entitled "Reimbursement to the General Fund for Projects Disqualified from Tax-Exempt Bond Issuance," in the amount of $7,834,000; 3) by amending Section 4.D.1.b., Department of Management, Wailuku-Kahului Community Plan Area, Government Facilities, Wailuku Civic Complex, by increasing the appropriation for the Bond Fund by $2,000,000 and deleting the appropriation from the General Fund; 4) by amending Section 4.E.4.a., Department of Parks and Recreation, Lanai Community Plan Area, Parks and Recreation, by changing the funding source for the Lanai Parks Maint...
Click here for full text