STAND. COM. REP. NO. 2351

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2866

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2866 entitled:

 

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to require an applicant for a special purpose revenue bond to apply for a pre-authorization certification from the Department of Budget and Finance three months prior to the legislative session in which the applicant seeks the bond authorization.

 

     Your Committee received testimony in opposition to the measure from the Department of Budget and Finance and Hawaii Pacific Health.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that this measure will codify and strengthen the Department of Budget and Finance's current administrative practice of meeting with an applicant to provide an indication as to whether the applicant is eligible for special purpose revenue bond financing, including a preliminary indication as to whether the applicant meets the responsible party requirement.

 

     Your Committee has amended this measure by 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 S.B. No. 2866, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2866, 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,

 

 

 

____________________________

DONNA MERCADO KIM, Chair