STAND. COM. REP. NO. 1050_______

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1596
                                     H.D. 2




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.
1596, H.D. 1, entitled: 

     "A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF GENERAL
     OBLIGATION BONDS AND MAKING AN APPROPRIATION FOR HOUSING,"

begs leave to report as follows:

     The purpose of this bill is to initiate revitalization and
redevelopment of the historic Oahu Railway and Land (OR&L)
Building site in Iwilei by appropriating funds to design the
renovation of the OR&L Building for low- and moderate-income
housing and/or state offices.

     The Housing and Community Development Corporation of Hawaii
testified in support of the intent of the bill.

     Your Committee has amended this bill by making technical,
nonsubstantive amendments for purposes of style and clarity.

     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.
1596, H.D. 1, as amended herein, and recommends that it pass
Third Reading in the form attached hereto as H.B. No. 1596, H.D.
2.


 
 
 
 
 
                                 STAND. COM. REP. NO. 1050_______
                                 Page 2

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



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair