STAND. COM. REP. NO.1390
Honolulu, Hawaii
, 2001
RE: H.B. No. 1400
S.D. 1
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred H.B. No. 1400 entitled:
"A BILL FOR AN ACT RELATING TO STATE BONDS,"
begs leave to report as follows:
The purpose of this measure is to:
(1) Authorize the issuance of general obligations bonds; and
(2) Declare that the total amount of principal and interest estimated and calculated for all bonds issued and outstanding will not cause the State's debt limit to be exceeded at the time of issuance.
This bill is intended to meet the requirements of article VII, section 13, of the Constitution of the State of Hawaii, which specifies that the Legislature must include a declaration of findings that the debt limit will not be exceeded by legislatively authorized general obligation issuances.
Your Committee received testimony in support of this bill from the Department of Budget and Finance.
Upon further consideration, your Committee has amended this bill to make several technical, nonsubstantive changes for the purpose of clarity and style.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1400, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1400, S.D. 1, and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
|
____________________________ BRIAN T. TANIGUCHI, Chair |
||