CONFERENCE COMMITTEE REPORT NO. 150

                            Honolulu, Hawaii
                                            , 2000

                            RE:   H.B. No. 2151
                                  H.D. 1
                                  S.D. 1
                                  C.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Conference on the disagreeing vote of the
House of Representatives to the amendments proposed by the Senate
in H.B. No. 2151, H.D. 1, S.D. 1, entitled:

    "A BILL FOR AN ACT RELATING TO STATE BONDS,"

having met, and after full and free discussion, has agreed to
recommend and does recommend to the respective Houses the final
passage of this bill in an amended form.

     The purpose of this bill is to:

     (1) Exempt state bonds from the requirement of perfecting
         security interests in government collateral; and

     (2) Authorize the issuance of general obligation bonds and
         to declare findings that the total amount of principal
         and interest, estimated for such bonds authorized but
         unissued and calculated for all bonds issued and
         outstanding, will not cause the debt limit to be
         exceeded at the time of issuance.


 
 
                            CONFERENCE COMMITTEE REPORT NO. 150
                            Page 2



     Article VII, section 13 of the Constitution of the State of
Hawaii requires the Legislature to include a declaration of
findings in every general law authorizing the issuance of general
obligation bonds, which shall declare the issuance of state bonds
authorized will not cause the debt limit to be exceeded at the
time of issuance.

     Your Committee on Conference has amended this bill by:

     (1) Deleting the exemption of state bonds from the
         requirement of perfecting security interests in
         government collateral; 

     (2) Inserting the appropriate amounts provided by the
         Department of Budget and Finance; and

     (3) Making technical, nonsubstantive revisions for purposes
         of style and clarity.

     As affirmed by the record of votes of the managers of your
Committee on Conference that is attached to this report, your
Committee on Conference is in accord with the intent and purpose
of H.B. No. 2151, H.D. 1, S.D. 1, as amended herein, and
recommends that it pass Final Reading in the form attached hereto
as H.B. No. 2151, H.D. 1, S.D. 1, C.D. 1.

                                   Respectfully submitted on
                                   behalf of the managers:

  ON THE PART OF THE SENATE          ON THE PART OF THE HOUSE
                                   
                                   
                                   
                                   
______________________________     ______________________________
CAROL FUKUNAGA, Co-Chair           DWIGHT Y. TAKAMINE, Chair




______________________________
ANDREW LEVIN, Co-Chair