STAND. COM. REP. NO. 3111

 

Honolulu, Hawaii

                 

 

RE:     S.B. No. 2322

        S.D. 2

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2322, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO CERTIFICATES OF PARTICIPATION,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to prohibit the Department of Budget and Finance from issuing a certificate of participation with a principal amount exceeding $10,000,000.

 

     Your Committee received written comments in support of this measure from Protect Our Ala Wai Watersheds, Sierra Club, Save Ala Moana Beach Park Hui, and numerous individuals.

 

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

 

     Your Committee finds that decisions regarding the financing of state and city projects should be made under the public scrutiny and oversight that is available through the legislative process.

 

     Your Committee has amended this measure by:

 

     (1)  Clarifying that the Director of Finance is prohibited from issuing or approving a certificate of participation for which the principal amount exceeds $10,000,000, to conform with other provisions regarding certificates of participation in chapter 37D, Hawaii Revised Statutes;

 

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

 

     (3)  Making technical nonsubstantive changes 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 S.B. No. 2322, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2322, S.D. 2.

 

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

 

 

 

________________________________

DONOVAN M. DELA CRUZ, Chair