STAND. COM. REP. NO. 1311

Honolulu, Hawaii

RE:    H.B. No. 73

       S.D. 1

Honorable Donna Mercado Kim

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 73 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.

     This measure also makes the constitutionally required findings that the debt limit will not be exceeded.

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

     Your Committee finds that the total amount of principal and interest, estimated for the bonds authorized for issuance under this measure and for all bonds authorized and unissued and calculated for all bonds issued and outstanding, will not cause the debt limit to be exceeded at the time of issuance.

     Your Committee has amended this measure by:

(1)  Changing the encumbrance years to unspecified years;

(2)  Changing the debt limit percentage to an unspecified percentage;

(3)  Deleting reference to certain fiscal years with regard to the receipt of federal subsidy payments under the American Recovery and Reinvestment Act of 2009; and

(4)  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. 73, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 73, 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,

________________________________

JILL N. TOKUDA, Chair