STAND. COM. REP. NO. 41

Honolulu, Hawaii

RE:    S.B. No. 149

       S.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 149 entitled:

"A BILL FOR AN ACT RELATING TO STATE BONDS,"

begs leave to report as follows:

     The purpose of this measure is to authorize the issuance of general obligation bonds and determine whether the issuance of the bonds will cause the State's debt limit to be exceeded.

     Your Committee finds that:

     (1)  The measure will authorize the financing of project appropriations contained in acts of the Legislature for which the means of funding are designated as general obligation bond funds or reimbursable general obligation bond funds; and

(2)  Issuance of the bonds authorized will not cause the State's constitutional debt limit to be exceeded.

     The Department of Budget and Finance and the Hawaii State Teachers Association submitted testimony in support of this measure.

     Your Committee has amended this measure by making technical nonsubstantive corrections.

     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. 149, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 149, S.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

ROSALYN H. BAKER, Chair