STAND. COM. REP. NO. 1499

                                   Honolulu, Hawaii
                                                     , 1999

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




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B.
No. 1064, H.D. 1, 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 extend, until fiscal year
2000-2001, the authority of the Director of Finance to issue
reimbursable general obligation bonds for the Hawaii Hurricane
Relief Fund.

     Additionally, this measure excludes funds needed for
continued fund operations from the determination of whether
moneys in the Hurricane Reserve Trust Fund are insufficient to
pay claims and obligations arising out of covered events.
Furthermore, this measure specifies that surcharges levied by the
Hawaii Hurricane Relief Fund remain in effect until obligations
of the fund are fully discharged.

     Your Committee finds that these changes are necessary to
maintain adequate funding levels for the fund and to provide the
fund with mechanisms to correct funding deficiencies.

     As affirmed by the record of votes of the members of your
Committee on Ways and Means that is attached to this report, your

 
a                                                     HB1064 HD1
 
 
 
                                   STAND. COM. REP. NO. 1499
                                   Page 2


Committee is in accord with the intent and purpose of H.B.
No. 1064, H.D. 1, and recommends that it pass Third Reading.

                                 Respectfully submitted on behalf
                                 of the members of the Committee
                                 on Ways and Means,



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
a                                                     HB1064 HD1