STAND. COM. REP. NO.  726-12

Honolulu, Hawaii

                , 2012

RE:   H.B. No. 2347

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 2347 entitled:

"A BILL FOR AN ACT RELATING TO GENERAL OBLIGATION BONDS FOR REVENUE-PRODUCING UNDERTAKINGS,"

begs leave to report as follows:

The purpose of this measure is to provide additional financial flexibility to the counties by allowing counties to pledge certain receipts, including rates, rentals, fees, charges, taxes, and state or federal grants, in addition to real property taxes, to secure its general obligation bonds.

The City and County of Honolulu supported this measure.

     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. 2347 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair