STAND. COM. REP. NO. 3253

Honolulu, Hawaii

RE:    H.B. No. 1712

       S.D. 1

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 1712 entitled:

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

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the issuance of general obligation bonds to finance capital improvement projects authorized in appropriation measures of the Executive Branch and the Judiciary.

     This measure also makes a declaration of findings with respect to the authorizations for the bonds as required under the Hawaii State Constitution.

     Your Committee received testimony in support of this measure from the Department of Budget and Finance.

     Your Committee finds that this measure is a necessary legislative vehicle for the issuance of general obligation bonds to fund state capital improvement projects.

     Your Committee has amended this measure by:

(1)  Conforming references to appropriation acts and the timing of bond issuances as appropriate for a state bond act that is passed during an even-numbered year;

(2)  Changing to unspecified amounts certain percentages that relate to debt limit exclusions; and

(3)  Changing the effective date to July 1, 2050, to facilitate further discussion on the measure.

     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. 1712, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1712, 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,

____________________________

DAVID Y. IGE, Chair