STAND. COM. REP. NO. 1601

                                   Honolulu, Hawaii
                                                     , 1999

                                   RE:  H.B. No. 86
                                        S.D. 1




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Ways and Means, 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 authorize the issuance of
state general obligation bonds.

     In addition, this bill declares findings that the total
amount of principal and interest, estimated for such bonds
authorized but unissued and calculated for all bonds issued and
outstanding, will not cause the debt limit to be exceeded at the
time of issuance.

     Article VII, section 13, of the Constitution of the State of
Hawaii requires the Legislature to include a declaration of
findings in every general law authorizing the issuance of general
obligation bonds, which shall declare the issuance of state bonds
authorized will not cause the debt limit to be exceeded at the
time of issuance.

     Your Committee supports the determination that this Act will
not cause the debt limits to be exceeded at the time of issuance
and believes these findings are based on reasonable assumptions.


 
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                                   STAND. COM. REP. NO. 1601
                                   Page 2


     Your Committee has amended this bill by correcting a
discrepancy between the text of the bill and the printed version
of the Hawaii Constitution.

     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.
86, as amended herein, and recommends that it pass Second Reading
in the form attached hereto as H.B. No. 86, 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,



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
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