STAND. COM. REP. NO. 383

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1064
                                     




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

Sir:

     Your Committee on Consumer Protection and Commerce, 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 extend authorization for the
director of finance to issue up to $200 million in reimbursable
general obligation bonds through fiscal year 2000-2001 for
deposit into the hurricane reserve trust fund.

     The Department of Commerce and Comsumer Affairs testified in
support of the bill, explaining that the current authorization
expires at the end of fiscal year 1999 and that the requested
authorization is an integral part of retaining Hawaii hurricane
relief fund's federal tax exempt status, and is needed to ensure
that the fund will have sufficient capacity to cover future
hurricane generated losses. 

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


 
 
 
 
 
                                 STAND. COM. REP. NO. 383
                                 Page 2

 
                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Consumer
                                   Protection and Commerce,



                                   ______________________________
                                   RON MENOR, Chair