Bill Text: HI HB51 | 2013 | Regular Session | Amended

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Bill Title: State Bonds

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2013-06-20 - Act 132, 6/18/2013 (Gov. Msg. No. 1232). [HB51 Detail]

Download: Hawaii-2013-HB51-Amended.html

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STAND. COM. REP. NO.  579

 

Honolulu, Hawaii

                , 2013

 

RE:   H.B. No. 51

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Sir:

 

     Your Committee on Finance, 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 of this measure is to:

 

     (1)  Authorize the issuance of general obligation bonds to finance project appropriations contained in Acts of the Legislature for which the means of funding are designated as general obligation bond funds or reimbursable general obligation bond funds; and

 

     (2)  Make a declaration of findings regarding the authorizations as required by the Constitution of the State of Hawaii.

 

     The Department of Budget and Finance testified in support of this measure.

 

     Article VII, section 13, of the Constitution of the State of Hawaii requires the Legislature to include a declaration of findings in every general law authorizing the issuance of general obligation bonds, which shall declare that the issuance of state bonds authorized will not cause the debt limit to be exceeded at the time of issuance.

 

     Your Committee finds that the total amount of principal and interest estimated for the general obligation bonds authorized under this measure, and for all bonds authorized and unissued and calculated for all bonds issued and outstanding, will not cause the debt limit of the State to be exceeded at the time of issuance.

 

     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 H.B. No. 51 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

 

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

 

 

		____________________________ SYLVIA LUKE, Chair