STAND. COM. REP. NO.4
Honolulu, Hawaii
, 2001
RE: S.B. No. 3
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Special Session of 2001
State of Hawaii
Sir:
Your Committee on Finance, to which was referred S.B. No. 3 entitled:
"A BILL FOR AN ACT RELATING TO STATE BONDS,"
begs leave to report as follows:
The purpose of this bill is to:
(1) Authorize the issuance of general obligations bonds; and
(2) 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.
This bill is intended to meet the requirements of article VII, section 13, of the State Constitution that the Legislature must include a declaration of findings that the debt limit will not be exceeded at the time of issuance.
The Department of Budget and Finance testified in support of this bill.
As affirmed by the record of votes of the members of your Committee on Finance 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.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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