REPORT TITLE:
Agriculture Appropriation


DESCRIPTION:
Makes an emergency appropriation and authorizes the issuance of
general obligation bonds relating to the relocation of certain
programs within the department of agriculture. (HB2407 CD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        2407
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 2000                                S.D. 2
STATE OF HAWAII                                            C.D. 1
                                                        
                                                             
________________________________________________________________
________________________________________________________________


                   A  BILL  FOR  AN  ACT

MAKING AN EMERGENCY APPROPRIATION FOR THE DEPARTMENT OF
   AGRICULTURE.
 


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  This Act is recommended by the governor for
 
 2 immediate passage in accordance with section 9 of article VII of
 
 3 the Constitution of the State of Hawaii.
 
 4      SECTION 2.  The Hawaii community development authority in
 
 5 its redevelopment of Kakaako will be displacing the measurement
 
 6 standards and plant quarantine programs of the department of
 
 7 agriculture.  The measurement standards program of the quality
 
 8 assurance division will be the first program displaced to
 
 9 accommodate the widening of Ilalo street from Ward avenue to
 
10 South and Punchbowl streets.  The widening project includes
 
11 improvements to the roadway, drainage, sewer, water, electrical,
 
12 telephone, and cable systems and is part of the overall plan to
 
13 create a waterfront that stimulates economic and educational
 
14 uses.
 
15      The purpose of this Act is to provide the necessary
 
16 statutory authorization and appropriations to relocate the
 
17 measurement standards program and to construct a new building to
 
18 accommodate both the measurement standards and commodities
 
19 programs of the quality assurance division.
 

 
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                                                        S.D. 2
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 1      SECTION 3.  There is appropriated out of the general
 
 2 revenues of the State of Hawaii the sum of $200,000, or so much
 
 3 thereof as may be necessary for fiscal year 1999-2000, to cover
 
 4 all expenses related to temporarily relocating the measurement
 
 5 standards program and its personnel.
 
 6      SECTION 4.  The director of finance is authorized to issue
 
 7 general obligation bonds in the sum of $3,800,000, or so much
 
 8 thereof as may be necessary, and the same sum or so much thereof
 
 9 as may be necessary is appropriated for fiscal year 1999-2000, to
 
10 finance the cost of plans, design, construction, and equipment of
 
11 a new building for the measurement standards and commodities
 
12 programs on Oahu.
 
13      SECTION 5.  Any unexpended or unencumbered balances of the
 
14 appropriation made by section 3 of this Act as of the close of
 
15 business on June 30, 2000, shall not lapse and shall be carried
 
16 over and may be expended during fiscal year 2000-2001; provided
 
17 that on June 30, 2001, all unexpended and unencumbered balances
 
18 shall lapse into the general fund of the State.
 
19      Any unexpended and unencumbered balances of the
 
20 appropriation under section 4 of this Act as of the close of
 
21 business on June 30, 2002, shall lapse.
 
22      SECTION 6.  The sums appropriated shall be expended by the
 
23 department of agriculture for the purposes of this Act. 
 

 
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                                                        S.D. 2
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 1      SECTION 7.  With approval of the governor, the designated
 
 2 expending agencies for capital improvement projects authorized in
 
 3 this Act may delegate to another state agency the implementation
 
 4 of such projects when it is determined by all involved agencies
 
 5 and parties that it is advantageous to do so.
 
 6      SECTION 8.  Any law to the contrary notwithstanding, the
 
 7 appropriation under Act 328, Session Laws of Hawaii 1997, section
 
 8 140A, as amended by Act 116, Session Laws of Hawaii 1998, section
 
 9 5, in the amount indicated or balance thereof, unallotted,
 
10 allotted, encumbered, and unrequired is hereby lapsed:
 
11      Item No.                  Amount(MOF)
 
12      H-17                      $280,000 C
 
13      SECTION 9.  Declaration of findings with respect to the
 
14 general obligation bonds authorized by this Act.  Pursuant to the
 
15 clause in section 13 of article VII of the State Constitution
 
16 which states:  "Effective July 1, 1980, the legislature shall
 
17 include a declaration of findings in every general law
 
18 authorizing the issuance of general obligation bonds that the
 
19 total amount of principal and interest, estimated for such bonds
 
20 and for all bonds authorized and unissued and calculated for all
 
21 bonds issued and outstanding, will not cause the debt limit to be
 
22 exceeded at the time of issuance," the legislature finds and
 
23 declares as follows:
 

 
Page 4                                                     2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1      (1)  Limitation on general obligation debt.  The debt limit
 
 2           of the State is set forth in section 13 of article VII
 
 3           of the State Constitution, which states in part:
 
 4           "General obligation bonds may be issued by the State;
 
 5           provided that such bonds at the time of issuance would
 
 6           not cause the total amount of principal and interest
 
 7           payable in the current or any future fiscal year,
 
 8           whichever is higher, on such bonds and on all
 
 9           outstanding general obligation bonds to exceed: a sum
 
10           equal to twenty percent of the average of the general
 
11           fund revenues of the State in the three fiscal years
 
12           immediately preceding such issuance until June 30,
 
13           1982; and thereafter, a sum equal to eighteen and one-
 
14           half percent of the average of the general fund
 
15           revenues of the State in the three fiscal years
 
16           immediately preceding such issuance."  Article VII,
 
17           section 13, also provides that in determining the power
 
18           of the State to issue general obligation bonds, certain
 
19           bonds are excludable, including "reimbursable general
 
20           obligation bonds issued for a public undertaking,
 
21           improvement or system but only to the extent that
 
22           reimbursements to the general fund are in fact made
 
23           from the net revenue, or net user tax receipts, or
 

 
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                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1           combination of both, as determined for the immediately
 
 2           preceding fiscal year" and bonds constituting
 
 3           instruments of indebtedness under which the State
 
 4           incurs a contingent liability as a guarantor, but only
 
 5           to the extent the principal amount of such bonds does
 
 6           not exceed seven percent of the principal amount of
 
 7           outstanding general obligation bonds not otherwise
 
 8           excluded under article VII, section 13.
 
 9      (2)  Actual and estimated debt limits.  The limit on
 
10           principal and interest of general obligation bonds
 
11           issued by the State, actual for fiscal year 1999-2000
 
12           and estimated for each fiscal year from 2000-2001 to
 
13           2002-2003, is as follows:
 
14           Fiscal            Net General
 
15           Year              Fund Revenues             Debt Limit
 
16           1996-1997         3,115,264,737
 
17           1997-1998         3,195,967,036
 
18           1998-1999         3,254,256,686
 
19           1999-2000         3,141,743,000            $589,871,788
 
20           2000-2001         3,228,232,000            $591,304,615
 
21           2001-2002         3,285,586,000            $593,494,287
 
22           2002-2003         (Not Applicable)         $595,426,262
 

 
 
 
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                                     H.B. NO.           H.D. 1
                                                        S.D. 2
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 1           For fiscal years 1999-2000, 2000-2001, 2001-2002, and
 
 2           2002-2003, respectively, the debt limit is derived by
 
 3           multiplying the average of the net general fund
 
 4           revenues for the three preceding fiscal years by
 
 5           eighteen and one-half per cent. The net general fund
 
 6           revenues for fiscal years 1996-1997, 1997-1998, and
 
 7           1998-1999 are actual, as certified by the director of
 
 8           finance in the Statement of the Debt Limit of the State
 
 9           of Hawaii as of July 1, 1999, dated November 24, 1999.
 
10           The net general fund revenues for fiscal years 1999-
 
11           2000 to 2001-2002 are estimates, based on general fund
 
12           revenue estimates made March 10, 2000, by the council
 
13           on revenues, the body assigned by section 7 of article
 
14           VII of the State Constitution to make such estimates,
 
15           and based on estimates made by the department of budget
 
16           and finance of those receipts which cannot be included
 
17           as general fund revenues for the purpose of calculating
 
18           the debt limit, all of which estimates the legislature
 
19           finds to be reasonable.
 
20      (3)  Principal and interest on outstanding bonds applicable
 
21           to the debt limit.  (A) According to the department of
 
22           budget and finance, the total amount of principal and
 
23           interest on outstanding general obligation bonds, after
 

 
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                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1           the exclusions permitted by section 13 of article VII
 
 2           of the State Constitution, for determining the power of
 
 3           the State to issue general obligation bonds within the
 
 4           debt limit as of December 1, 1999 is as follows for
 
 5           fiscal year 2000-2001 to fiscal year 2006-2007:
 
 6            Fiscal                               Principal
 
 7             Year                               and Interest
 
 8           2000-2001                            $352,508,780
 
 9           2001-2002                            $367,994,493
 
10           2002-2003                            $411,701,970
 
11           2003-2004                            $378,223,219
 
12           2004-2005                            $373,053,164
 
13           2005-2006                            $347,383,328
 
14           2006-2007                            $344,154,560
 
15           The department of budget and finance further reports
 
16           that the amount of principal and interest on
 
17           outstanding bonds applicable to the debt limit
 
18           generally continues to decline each year from fiscal
 
19           year 2007-2008 to fiscal year 2019-2020 when the final
 
20           installment of $27,612,984 shall be due and payable.
 
21           (B) The department of budget and finance further
 
22           reports that the outstanding principal amount of bonds
 
23           constituting instruments of indebtedness under which
 

 
Page 8                                                     2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1           the State may incur a contingent liability as a
 
 2           guarantor is $191,000,000, all or part of which is
 
 3           excludable in determining the power of the State to
 
 4           issue general obligation bonds, pursuant to section 13
 
 5           of article VII of the State Constitution.
 
 6      (4)  Amount of authorized and unissued general obligation
 
 7           bonds and guaranties and proposed bonds and guaranties.
 
 8           (A) As calculated from the state comptroller's bond
 
 9           fund report as of October 31, 1999, adjusted for (i)
 
10           appropriations to be funded with general obligation
 
11           bonds and reimbursable general obligation bonds as
 
12           provided in Act 91, Session Laws of Hawaii 1999
 
13           (General Appropriations Act of 1999), to be expended in
 
14           the fiscal year 2000-2001; (ii) Appropriations to be
 
15           funded by reimbursable general obligation bonds as
 
16           provided in Act 151, Session Laws of Hawaii 1999
 
17           (Relating to Hawaii Hurricane Relief Fund Bonds) to be
 
18           expended in the fiscal year 2000-2001; (iii) Act 156,
 
19           Session Laws of Hawaii 1999, (the Judiciary
 
20           Appropriations Act of 1999) to be expended in the
 
21           fiscal year 2000-2001; and (iv) Lapses totaling
 
22           $280,000 proposed in this Act, the total amount of
 
23           authorized but unissued general obligation bonds, is
 

 
Page 9                                                     2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1           $1,396,114,543.  The total amount of general obligation
 
 2           bonds authorized in this Act is $3,800,000.  The total
 
 3           amount of general obligation bonds previously
 
 4           authorized and unissued and the general obligation
 
 5           bonds authorized in this Act is $1,399,914,543. (B) As
 
 6           reported by the department of budget and finance, the
 
 7           outstanding principal amount of bonds constituting
 
 8           instruments of indebtedness under which the State may
 
 9           incur a contingent liability as a guarantor is
 
10           $191,000,000, all or part of which is excludable in
 
11           determining the power of the State to issue general
 
12           obligation bonds, pursuant to section 13 of article VII
 
13           of the State Constitution.  The total amount of
 
14           guaranties authorized by S.B. No. 2873 (Relating to
 
15           Hawaii Health Systems Corporation) is $47,500,000 and
 
16           are herein validated.  The total amount of guaranties
 
17           previously authorized and validated by this Act is
 
18           $238,500,000.
 
19      (5)  Proposed general obligation bond issuance.  As reported
 
20           therein for fiscal years 1998-1999, 1999-2000, 2000-
 
21           2001, 2001-2002 and 2002-2003, the State proposes to
 
22           issue $200,000,000 during the remainder of fiscal year
 
23           1999-2000, $350,000,000 during the first half of fiscal
 

 
Page 10                                                    2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1           year 2000-2001, $150,000,000 during the second half of
 
 2           fiscal year 2000-2001, $150,000,000 during the first
 
 3           half of fiscal year 2001-2002, $150,000,000 during the
 
 4           second half of fiscal year 2001-2002, $100,000,000
 
 5           during the first half of fiscal year 2002-2003, and
 
 6           $300,000,000 during the second half of fiscal year
 
 7           2002-2003.  It has been the practice of the State to
 
 8           issue twenty-year serial bonds with principal
 
 9           repayments beginning the third year, the bonds being
 
10           payable in substantially equal annual installments of
 
11           principal and interest payment, and with interest
 
12           payments commencing six months from the date of
 
13           issuance and being paid semiannually thereafter.  It is
 
14           assumed that this practice will be applied to the bonds
 
15           which are proposed to be issued except that principal
 
16           repayments will begin in the fourth year.
 
17      (6)  Sufficiency of proposed general obligation bond
 
18           issuance to meet the requirements of authorized and
 
19           unissued bonds, as adjusted, and bonds authorized by
 
20           this Act.  From the schedule reported in paragraph (5),
 
21           the total amount of general obligation bonds which the
 
22           State proposes to issue during the fiscal years 1999-
 
23           2000 to 2002-2003 is $1,000,000,000.  An additional
 

 
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 1           $400,000,000 is proposed to be issued in fiscal year
 
 2           2002-2003.  The total amount of $1,000,000,000 which is
 
 3           proposed to be issued through fiscal year 2001-2002 is
 
 4           sufficient to meet the requirements of the authorized
 
 5           and unissued bonds, as adjusted, and the bonds
 
 6           authorized by this Act, the total amount of which is
 
 7           $1,399,914,543, as reported in paragraph (4), except
 
 8           for $399,914,543.  It is assumed that the
 
 9           appropriations to which an additional $399,914,543 in
 
10           bond issuance needs to be applied will have been
 
11           encumbered as of June 30, 2002.  The $400,000,000 which
 
12           is proposed to be issued in fiscal year 2002-2003 will
 
13           be sufficient to meet the requirements of the June 30,
 
14           2002 encumbrances in the amount of $399,914,543.  The
 
15           amount of assumed encumbrances as of June 30, 2002 is
 
16           reasonable and conservative, based upon an inspection
 
17           of June 30 encumbrances of the general obligation bond
 
18           fund as reported by the state comptroller.  Thus,
 
19           taking into account the amount of previously authorized
 
20           and unissued bonds and bonds proposed in this Act
 
21           versus the amount of bonds which is proposed to be
 
22           issued by June 30, 2002, and the amount of June 30,
 
23           2002 encumbrances versus the amount of bonds which is
 

 
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 1           proposed to be issued in fiscal year 2002-2003, the
 
 2           legislature finds that in the aggregate, the amount of
 
 3           bonds which is proposed to be issued is sufficient to
 
 4           meet the requirements of all authorized and unissued
 
 5           bonds and the bonds authorized by this Act.
 
 6      (7)  Bonds excludable in determining the power of the State
 
 7           to issue bonds.  As noted in paragraph (1), certain
 
 8           bonds are excludable in determining the power of the
 
 9           State to issue general obligation bonds.  (A) General
 
10           obligation reimbursable bonds can be excluded under
 
11           certain conditions.  It is not possible to make a
 
12           conclusive determination as to the amount of
 
13           reimbursable bonds which are excludable from the amount
 
14           of each proposed bond issued because:
 
15           (i)  It is not known exactly when projects for which
 
16                reimbursable bonds have been authorized in prior
 
17                acts and in this Act will be implemented and will
 
18                require the application of proceeds from a
 
19                particular bond issue; and
 
20          (ii)  Not all reimbursable general obligation bonds may
 
21                qualify for exclusion.
 

 
 
 
 
 
Page 13                                                    2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
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 1           However, the legislature notes that with respect to the
 
 2           principal and interest on outstanding general
 
 3           obligation bonds, according to the department of budget
 
 4           and finance, the average proportion of principal and
 
 5           interest which is excludable each year from the
 
 6           calculation against the debt limit is 6.97 percent for
 
 7           the ten years from fiscal year 2000-2001 to fiscal year
 
 8           2009-2010.  For the purpose of this declaration, the
 
 9           assumption is made that five percent of each bond issue
 
10           will be excludable from the debt limit, an assumption
 
11           which the legislature finds to be reasonable and
 
12           conservative.  (B) Bonds constituting instruments of
 
13           indebtedness under which the State incurs a contingent
 
14           liability as a guarantor can be excluded but only to
 
15           the extent the principal amount of such guaranties does
 
16           not exceed seven percent of the principal amount of
 
17           outstanding general obligation bonds not otherwise
 
18           excluded under subparagraph (A) of paragraph (7) and
 
19           provided that the State shall establish and maintain a
 
20           reserve in an amount in reasonable proportion to the
 
21           outstanding loans guaranteed by the State as provided
 
22           by law.  According to the department of budget and
 
23           finance and the assumptions presented herein, the total
 

 
Page 14                                                    2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1           principal amount of outstanding general obligation
 
 2           bonds and general obligation bonds proposed to be
 
 3           issued, which are not otherwise excluded under section
 
 4           13 of article VII of the State Constitution for the
 
 5           fiscal years 1999-2000, 2000-2001, 2001-2002 and 2002-
 
 6           2003 are as follows:
 
 7                                            Total amount of
 
 8                                       general obligation bonds
 
 9                                       not otherwise excluded by
 
10                                       section 13 of article VII
 
11           Fiscal year                of the State Constitution
 
12           1999-2000                      $3,309,433,537
 
13           2000-2001                      $3,600,550,972
 
14           2001-2002                      $3,677,655,955
 
15           2002-2003                      $3,843,443,582
 
16           Based on the foregoing and based on the assumption that
 
17           the full amount of a guaranty is immediately due and
 
18           payable when such guaranty changes from a contingent
 
19           liability to an actual liability, the aggregate
 
20           principal amount of the portion of the outstanding
 
21           guaranties and the guaranties proposed to be incurred,
 
22           which does not exceed seven per cent of the average
 
23           amount set forth in the last column of the above table
 

 
Page 15                                                    2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1           and for which reserve funds have been or will have been
 
 2           established as heretofore provided, can be excluded in
 
 3           determining the power of the State to issue general
 
 4           obligation bonds.  As it is not possible to predict
 
 5           with a reasonable degree of certainty when a guaranty
 
 6           will change from a contingent liability to an actual
 
 7           liability, it is assumed in conformity with fiscal
 
 8           conservatism and prudence, that all guaranties not
 
 9           otherwise excluded pursuant to section 13 of article
 
10           VII of the State Constitution will become due and
 
11           payable in the same fiscal year in which the greatest
 
12           amount of principal and interest on general obligation
 
13           bonds, after exclusions, occurs.  Thus, based on such
 
14           assumptions and on the determination in paragraph (8),
 
15           all of the outstanding guaranties can be excluded.
 
16      (8)  Determination whether the debt limit will be exceeded
 
17           at the time of issuance.  From the foregoing and on the
 
18           assumption that all of the bonds identified in
 
19           paragraph (5) will be issued at an interest rate of 6.0
 
20           per cent, it can be determined from the following
 
21           schedule that the bonds which are proposed to be
 
22           issued, which include all authorized and unissued bonds
 

 
 
 
Page 16                                                    2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1           previously authorized, as adjusted, general obligation
 
 2           bonds and instruments of indebtedness under which the
 
 3           State incurs a contingent liability as a guarantor
 
 4           authorized in this Act, will not cause the debt limit
 
 5           to be exceeded at the time of such issuance:
 
 6                                        Greatest Amount
 
 7 Time of Issuance                       and Year of
 
 8 and Amount to be         Debt Limit    Highest Principal
 
 9 Counted Against          at Time of    and Interest on
 
10 Debt Limit               Issuance      Bonds and Guaranties
 
11 Remainder FY 1999-2000
 
12 $190,000,000             589,871,788   423,100,970 (2002-2003)
 
13 1st half FY 2000-2001
 
14 $332,500,000             591,504,615   443,051,970 (2002-2003)
 
15 2nd half FY 2000-2001
 
16 $142,500,000             591,504,615   451,601,970 (2002-2003)
 
17 1st half FY 2001-2002
 
18 $142,500,000             593,494,287   455,876,970 (2002-2003)
 
19 2nd half FY 2001-2002
 
20 $142,500,000             593,494,287   464,426,970 (2002-2003)
 
21 1st half FY 2002-2003
 
22 $95,000,000              595,426,262   549,374,614 (2004-2005)
 
23 2nd half FY 2002-2003
 
24 $285,000,000             595,426,262   479,324,614 (2004-2005)
 

 
Page 17                                                    2407
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                                                        S.D. 2
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 1      (9)  Overall and concluding finding.  From the facts,
 
 2           estimates, and assumptions stated in this declaration
 
 3           of findings, the conclusion is reached that the total
 
 4           amount of principal and interest estimated for the
 
 5           general obligation bonds authorized in this Act, and
 
 6           for all bonds authorized and unissued, and calculated
 
 7           for all bonds issued and outstanding, and all
 
 8           guaranties, will not cause the debt limit to be
 
 9           exceeded at the time of issuance.
 
10      SECTION 10.  The legislature finds the bases for the
 
11 declaration of findings set forth in this Act reasonable.  The
 
12 assumptions set forth in this Act with respect to the principal
 
13 amount of general obligation bonds which will be issued, the
 
14 amount of principal and interest on reimbursable general
 
15 obligation bonds which are assumed to be excludable, and the
 
16 assumed maturity structure shall not be deemed to be binding, it
 
17 being the understanding of the legislature that such matters must
 
18 remain subject to substantial flexibility.
 
19      SECTION 11.  Authorization for issuance of general
 
20 obligation bonds.  General obligation bonds may be issued as
 
21 provided by law in an amount that may be necessary to finance the
 
22 project authorized in this Act; provided that the sum total of
 
23 general obligation bonds issued shall not exceed $3,800,000.
 

 
Page 18                                                    2407
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1
                                                        

 1      Any law to the contrary notwithstanding, general obligation
 
 2 bonds may be issued from time to time in accordance with section
 
 3 39-16, Hawaii Revised Statutes, in such principal amount as may
 
 4 be required to refund any general obligation bonds of the State
 
 5 of Hawaii heretofore or hereafter issued pursuant to law.
 
 6      SECTION 12.  The provisions of this Act are declared to be
 
 7 severable and if any portion thereof is held to be invalid for
 
 8 any reason, the validity of the remainder of this Act shall not
 
 9 be affected.
 
10      SECTION 13.  In printing this Act, the revisor of statutes
 
11 shall substitute in section 9 the corresponding act number for
 
12 the bill identified therein.
 
13      SECTION 14.  This Act shall take effect upon its approval.