Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 433 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of general obligation bonds, reimbursable general obligation bonds, and refunding general obligation bonds to finance projects authorized in the General Appropriations Act of 2003 and the Judiciary Appropriations Act of 2003.

In addition, this measure includes a declaration by the Legislature that the total amount of principal and interest on the general obligation bonds authorized by the abovementioned laws and prior laws, both estimated and calculated, will not cause the State's debt limit to be exceeded at the time of issuance. This legislative declaration is required by article VII, section 13 of the state constitution.

Your Committee has amended this measure by changing its effective date to July 1, 2030.

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. 433, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 433, S.D. 1, and be placed on the calendar for Third Reading.