STAND. COM. REP. NO. 3894

Honolulu, Hawaii

RE: H.B. No. 1540

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 1540 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 and make findings pursuant to the Hawaii State Constitution that the bond issuance will not cause the State's debt limit to be exceeded.

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

Your Committee finds that article VII, section 13, of the Hawaii State Constitution requires the Legislature to include in every general law authorizing the issuance of general obligation bonds a declaration of findings that the total amount of principal and interest will not cause the State's debt limit to be exceeded at the time of issuance.

Your Committee has amended this measure by inserting the respective Act numbers for the General Appropriations Act of 2021 and the Judiciary Appropriations Act of 2021 where those two Acts are referenced in 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. 1540, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1540, 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,

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DONOVAN M. DELA CRUZ, Chair