STAND. COM. REP. NO. 993

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1287
                                     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.
1287, H.D. 1, entitled: 

     "A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL
     PURPOSE REVENUE BONDS TO ASSIST THE GAS UTILITY SERVING THE
     GENERAL PUBLIC,"

begs leave to report as follows:

     The purpose of this bill is to obtain lower interest rate
bond financing for capital improvement projects and to reduce gas
rates for the general public by:

     (1)  Authorizing the issuance of $19,600,000 in special
          purpose revenue bonds for capital improvement programs
          for the local furnishing of utility gas by The Gas
          Company; and

     (2)  Authorizing the issuance of refunding special purpose
          revenue bonds.

     The Gas Company testified in support of the measure.

     Your Committee finds that the issuance of special purpose
revenue bonds and refunding special purpose revenue bonds would
be in the public interest.

     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.
1287, H.D. 1, and recommends that it pass Third Reading.

 
                                 STAND. COM. REP. NO. 993
                                 Page 2

 

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



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair