COUNTY OF MAUl, BOARD OF WATER SUPPLY
RESOLUTION NO. 07 (1997)

AUTHORIZATION FOR INTERFUND BORROWING



	WHEREAS, Board unencumbered restricted funds in the Central Maui Source and 
Water System Development funds total approximately $9.1 million as of November 5, 1997; and

	WHEREAS, total encumbrances of these restricted funds, based on current fiscal 
year CIP budget, are projected to be $5.8 million; and

	WHEREAS, the total unencumbered balances of these funds are projected to be 
$3.3 million and will not be needed for projects before November, 1998; and

	WHEREAS, the Board approved Resolution No. 06 (1997) Relating to Interfund Borrowing;

BE IT RESOLVED by the Board of Water Supply of the County of Maui as follows:

1.	That the Director is authorized to borrow from the Central Maui Source
	Development Fund and the Water System Development Fund monies to
	be used to fund replacement and improvement projects for fiscal year
	1998; and

2.	That the amount of these borrowed funds shall not exceed the
	unencumbered funds less the projected encumbrances for fiscal year
	1998 or $3.3 million, whichever is less; and

3.	That the borrowed funds shall be reimbursed or repaid within one year
	from the date of borrowing from the proceeds of the sale of general 
	obligation bonds and/or revenues from water sales; and

4.	That the Board be given a monthly status report as to the amount of
	transfer, the projects to be funded by the transfer, the source of the
	funding, and the proposed time schedule for reimbursement or repayment
	of the loan.

ADOPTED the 9th day of December, 1997.


Robert K. Takitani, Chairperson
Maui County Board of Water Supply

APPROVED AS TO FORM AND LEGALITY:

Gary W. Zakian
Deputy Corporation Counsel