Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2280 entitled:

begs leave to report as follows:

The purpose of this bill is to authorize the issuance of general obligation bonds to finance projects for the Executive Branch and Judiciary.

This bill also makes findings and declarations, as required by Article VII, Section 13, of the Constitution of the State of Hawaii, that the total amount of principal and interest, estimated for general obligation bonds and all bonds authorized and unissued and calculated for all bonds issued and outstanding, will not cause the debt limit to be exceeded at the time of issuance.

The Department of Budget and Finance testified 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. 2280 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.