Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2788 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of general obligation bonds to finance the capital improvement project needs of the State.

The bill also provides, pursuant to article VII, section 13, of the Constitution of the State of Hawaii, a declaration of findings that generally includes the estimated amount of principal and interest concerning the general obligation bonds.

Your Committee has amended the bill by changing the effective date to July 1, 2050, in order to promote further discussion on this matter.

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. 2788, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2788, S.D. 1, and be placed on the calendar for Third Reading.