STAND. COM. REP. NO. 941

                                   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 Commerce and Consumer Protection, 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 measure is to extend the authorization
of the Director of Finance to issue up to $200,000,000 in
reimbursable general obligation bonds for the Hawaii Hurricane
Relief Fund (HHRF) through fiscal year 2000 to 2001.

     The executive director of the HHRF presented testimony in
support of the measure.

     The current authorization for the issuance of reimbursable
general obligation bonds for the HHRF expires on June 30, 1999.
By extending the authorization through the next two fiscal years,
this measure ensures a continuing funding source for the HHRF and
enables the HHRF to retain its federal tax exempt status.

     As affirmed by the record of votes of the members of your
Committee on Commerce and Consumer Protection that is attached to
this report, your Committee is in accord with the intent and
purpose of H.B. No. 1064, H.D. 1, and recommends that it pass
Second Reading and be referred to the Committee on Ways and
Means.


 
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                                   STAND. COM. REP. NO. 941
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                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Commerce and
                                   Consumer Protection,



                                   ______________________________
                                   BRIAN KANNO, Co-Chair



                                   ______________________________
                                   BRIAN T. TANIGUCHI, Co-Chair

 
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