Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Special Session of 2001

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 3 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of general obligation bonds and to declare that the total amount of principal and interest estimated and calculated for all bonds issued and outstanding will not cause the State's debt limit to be exceeded at the time of issuance.

Article VII, section 13, of the State Constitution, requires the Legislature to include a declaration of findings in every general law authorizing the issuance of general obligation bonds that the issuance of state bonds authorized will not cause the debt limit to be exceeded at the time of issuance.

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