STAND. COM. REP. NO. 3206

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  H.B. No. 2457
                                        




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B.
No. 2457 entitled:

     "A BILL FOR AN ACT RELATING TO VETERANS LOANS,"

begs leave to report as follows:

     The purpose of this bill is to repeal the veterans loan
program.

     Your Committee finds that the veterans loan program was
established in 1953 to encourage the construction of veterans'
housing.  Under this program, general obligation bonds were sold
to purchase veterans' mortgages from the banks.  All bonds have
fully matured and the last monthly veterans' loan payment was
collected in 1995.  Consequently, this program is no longer
needed.

     Your Committee is pleased to note that the veterans loan
program accomplished its mission, and that the program is being
repealed with a well-earned sense of achievement and pride.

     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.
2457 and recommends that it pass Third Reading.


 
a                                                          HB2457
 
 
 
                                   STAND. COM. REP. NO. 3206
                                   Page 2


                                 Respectfully submitted on behalf
                                 of the members of the Committee
                                 on Ways and Means,



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
a                                                          HB2457