STAND. COM. REP. NO. 3307

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2347

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 2347 entitled:

 

"A BILL FOR AN ACT RELATING TO GENERAL OBLIGATION BONDS FOR REVENUE-PRODUCING UNDERTAKINGS,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to authorize the counties to issue general obligation bonds that are secured by a pledge of receipts, including rates, rentals, fees, charges, taxes, or grants, in addition to real property taxes.  

 

     Written comments in support of this measure were submitted by the Department of Budget and Fiscal Services, City and County of Honolulu.

 

     Your Committee finds that this measure will offer counties additional financial flexibility and will provide greater security for bondholders, which may result in improved bond ratings and lowered borrowing costs.

 

     Your Committee has amended this measure by:

 

(1)  Changing the effective date to July 1, 2050, to facilitate further discussion on this measure; and

 

(2)  Making technical nonsubstantive amendments for the purposes of clarity and style.

 

     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. 2347, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2347, S.D. 1.

 

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

 

 

 

____________________________

DAVID Y. IGE, Chair