STAND. COM. REP. NO.1246

Honolulu, Hawaii

, 2001

RE: S.B. No. 1050

S.D. 1

H.D. 1

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 1050, S.D. 1, entitled:

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

begs leave to report as follows:

The purpose of this bill is to establish a seven-year automatic lapse period for special purpose revenue bonds authorized pursuant to chapter 39A, Hawaii Revised Statutes.

The Department of Budget and Finance testified in support of this measure, but preferred a three-year lapse period.

Your Committee has amended this bill by:

(1) Adjusting the lapse period to five years; and

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

 

 

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1050, S.D. 1, as amended herein, and recommends that it pass

Second Reading in the form attached hereto as S.B. No. 1050, S.D. 1, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

DWIGHT Y. TAKAMINE, Chair