STAND. COM. REP. NO. 822

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1064
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
1064 entitled: 

     "A BILL FOR AN ACT RELATING TO HAWAII HURRICANE RELIEF FUND
     BONDS,"

begs leave to report as follows:

     The purpose of this bill is to retain the Hawaii Hurricane
Relief Fund's (HHRF) federal tax exempt status by extending
authorization for the Director of Finance to issue up to $200
million in reimbursable general obligation bonds through fiscal
year 2000-2001.

     The HHRF testified in support of this measure.

     Your Committee has amended this measure by:

     (1)  Clarifying the HHRF's ability to continue its surcharge
          until all obligations of the HHRF, including bonds
          issued to pay claims, have been fully discharged; and

     (2)  Making technical, nonsubstantive revisions to conform
          to correct drafting style.

     As affirmed by the record of votes of the members of your
Committee on Finance that is attached to this report, your
Committee is in accord with the intent and purpose of H.B. No.
1064, as amended herein, and recommends that it pass Third
Reading in the form attached hereto as H.B. No. 1064, H.D. 1.

 
 
                                 STAND. COM. REP. NO. 822
                                 Page 2

 
                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Finance,



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair