STAND. COM. REP. NO. 2932

                                   Honolulu, Hawaii
                                                     , 2000

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




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

Sir:

     Your Committee on Commerce and Consumer Protection, 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 measure is to ensure the ability of the
Hawaii Hurricane Relief Fund (HHRF) to pay claims in the event of
a hurricane.

     Testimony on the measure was submitted by the HHRF,
Department of Budget and Finance, Hurricane Protection Systems,
Inc., State Farm Insurance Companies, Building Industry
Association of Hawaii, Sun Dancer Industries, and an individual. 

      This housekeeping measure implements statutory changes
recommended by the Department of Budget and Finance's bond
counsel that are necessary to enable the post-hurricane issuance
of revenue bonds to fund policy claim payments.  The measure
removes impediments to the pledging of assessments for revenue
bonds and provides clarification regarding the total amount of
bonds that may be issued.

     As affirmed by the record of votes of the members of your
Committee on Commerce and Consumer Protection 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

 
a                                                     HB2487 HD1
 
                                   STAND. COM. REP. NO. 2932
                                   Page 2


Second Reading and be referred to the Committee on Ways and
Means.

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



                                   ______________________________
                                   BRIAN KANNO, Co-Chair



                                   ______________________________
                                   BRIAN T. TANIGUCHI, Co-Chair

 
a                                                     HB2487 HD1