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 S.B. No. 1072, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the Hawaii Hurricane Relief Fund to suspend payment of special mortgage recording fees assessed by the Bureau of Conveyances.

Furthermore, this measure extends the authority of the Director of Finance to issue reimbursable general obligation bonds through fiscal year 2001-2002.

Your Committee finds that suspending the special mortgage recording fee is justified because testimony of the Hawaii Hurricane Relief Fund indicated that the Fund is expected to suspend operations as of December 1, 2001. Furthermore, your Committee finds that extending the bond authorization period is necessary to preserve the relief fund's federal tax exempt status.

Your Committee has amended this measure by legislatively suspending the special mortgage recording fee between July 1, 2001 and December 31, 2001.

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 S.B. No. 1072, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1072, S.D. 2.