Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2522 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of general obligation bonds to finance project appropriations contained in acts passed by the Legislature during the 2004 Regular Session for which the means of financing are funds derived from general obligation bonds or reimbursable general obligation bonds.

The measure also includes a declaration of findings that states that the total amount of principal and interest, estimated for the bonds and for all bonds authorized but unissued and calculated for all bonds issued and outstanding, will not cause the State's debt limit to be exceeded at the time of the bonds' issuance.

Your Committee finds that the authorization to issue general obligation bonds and reimbursable general obligation bonds is necessary in order to finance the various capital improvement and other projects of the State.

Your Committee also finds that Article VII, Section 13, of the Constitution of the State of Hawaii, requires the Legislature to include the declaration of findings in every general law authorizing the issuance of general obligation bonds.

Your Committee believes that the measure provides the authorization and declaration of findings necessary to fund the capital improvement and other projects of the State and to comply with the constitutional mandate of Article VII, Section 13, of the Constitution of the State of Hawaii.

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. 2522 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.