STAND. COM. REP. NO. 723

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 86
                                     



Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 86
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 obligation 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 Constitution of the State of Hawaii,
which specifies that the Legislature must include a declaration
of findings that the debt limit will not be exceeded by
legislatively authorized general obligation issuances.

     The Department of Budget & Finance supported this bill.


 
 
 
 
 
 
 
 
 
                                 STAND. COM. REP. NO. 723
                                 Page 2

 
     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 H.B. No. 86
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,



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair