Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 772 entitled:

begs leave to report as follows:

The purpose of this bill is to clarify the authority of county directors of finance relating to bonds issued by the counties.

The Department of Budget and Fiscal Services of the City and County of Honolulu, Salomon Smith Barney, UBS PaineWebber, and McCorriston, Miller, Mukai, MacKinnon, LLP, submitted testimony in support of this bill.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 772 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.