STAND. COM. REP. NO. 1309
RE: H.B. No. 51
Honorable Donna Mercado Kim
President of the Senate
Twenty-Seventh State Legislature
Regular Session of 2013
State of Hawaii
Your Committee on Ways and Means, to which was referred H.B. No. 51 entitled:
"A BILL FOR AN ACT RELATING TO STATE BONDS,"
begs leave to report as follows:
The purpose and intent of this measure is to authorize the issuance of general obligation bonds to finance project appropriations authorized by the Legislature.
In addition, this measure makes a declaration of findings, as required by article VII, section 13, of the state constitution, that the total amount of principal and interest estimated for such general obligation bonds and for all bonds authorized and unissued, and calculated for all bonds issued and outstanding, will not cause the state debt limit to be exceeded at the time of issuance.
Your Committee received testimony in support of this measure from the Department of Budget and Finance.
Your Committee finds that the capital improvement projects financed by the general obligation bonds authorized under this measure will assist the State in promoting the general welfare of the community.
Your Committee has amended this measure by:
(1) Updating references to fiscal years, act years, report dates, and appropriation act titles;
(2) Deleting unnecessary references to supplemental appropriation acts; and
(3) Making technical nonsubstantive amendments for the purposes of clarity, consistency, 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. 51, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 51, 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,
DAVID Y. IGE, Chair