STAND. COM. REP. NO. 564-00

                                 Honolulu, Hawaii
                                                   , 2000

                                 RE: H.B. No. 2487
                                     H.D. 1




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

Sir:

     Your Committee on Finance, to which was referred H.B. No.
2487, H.D. 1, entitled: 

     "A BILL FOR AN ACT RELATING TO FINANCING THE HAWAII
     HURRICANE RELIEF FUND,"

begs leave to report as follows:

     The purpose of this bill is to ensure that the Hawaii
Hurricane Relief Fund (HHRF) has an available funding source in
the event of a hurricane, by:

     (1)  Removing an impediment to pledging assessments needed
          for post-hurricane revenue bonds; and

     (2)  Clarifying the total amount of bonds that may be
          issued.

     Under Chapter 431P, Hawaii Revised Statutes, the Director of
Finance is authorized to issue revenue bonds on behalf of the
HHRF in an amount up to $500,000,000.  The housekeeping
amendments contained in this bill will ensure that the HHRF has
the necessary funds available.

     The HHRF and the Department of Budget and Finance testified
in support of this bill.

     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.
2487, H.D. 1, and recommends that it pass Third Reading.

 
                                 STAND. COM. REP. NO. 564-00
                                 Page 2

 

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



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair