STAND. COM. REP. NO. 664

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 103

       S.D. 2

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 103, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE DISPOSITION OF EXCESS GENERAL FUNDS AUTHORIZED UNDER ARTICLE VII, SECTION 6, OF THE CONSTITUTION OF THE STATE OF HAWAII,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to implement the amendment relating to the disposition of excess revenues made to the Hawaii State Constitution after the passage of S.B. No. 2554, Regular Session of 2016, and its ratification during the 2016 general election. 

 

More specifically, the measure makes statutory amendments that authorize the disposition of excess general fund revenues to pre-pay debt service for general obligation bonds issued by the State or for pension or other post-employment benefit liabilities accrued for state employees.

 

     Your Committee received written comments in support of this measure from the Department of Budget and Finance.

 

     Your Committee finds that this measure is needed to implement the amendments to Article VII, section 6, of the Hawaii State Constitution that were proposed by S.B. No. 2554, Regular Session of 2016, and ratified by the voters on November 8, 2016. 

 

     Your Committee has amended this measure by changing the effective date from January 7, 2059, to June 30, 2017.

 

     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 S.B. No. 103, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 103, S.D. 2.

 

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

 

 

 

________________________________

JILL N. TOKUDA, Chair