STAND. COM. REP. NO. 3662

Honolulu, Hawaii

RE: H.B. No. 2452

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Third State Legislature

Regular Session of 2026

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2452 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 to make constitutionally required declarations for financing project appropriations contained in Acts of the Legislature.

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 a certain declaration of findings in every general law authorizing the issuance of general obligation bonds. Your Committee further finds that this measure makes the requisite declaration of findings so that the proceeds from general obligation bonds authorized by this measure may be used to finance projects beneficial to the State.

Your Committee has amended this measure by 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. 2452, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2452, 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