STAND. COM. REP. NO. 2208

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  S.B. No. 2828
                                        S.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 S.B. No. 2828 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 make possible post-
hurricane issuance of revenue bonds to pay claims made under the
Hawaii Hurricane Relief Fund.

     Testimony on this measure was submitted by the Hawaii
Hurricane Relief Fund, the Department of Budget and Finance, and
the Hawaii Association of Realtors.

     Your Committee finds that current law contains an impediment
to pledging assessments needed for post-hurricane revenue bonds,
as well as creating uncertainty regarding the total amount of
bonds that may be issued.  With the advice of bond counsel, this
measure will address these impediments to settling covered
claims.

     Your Committee has amended this measure to make technical
amendments for the purposes of style and consistency.

     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 S.B. No. 2828, as amended herein, and recommends that

 
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                                   STAND. COM. REP. NO. 2208
                                   Page 2


it pass Second Reading in the form attached hereto as S.B.
No. 2828, S.D. 1, 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

 
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