Bill Text: HI SB1033 | 2013 | Regular Session | Amended

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Bill Title: Public Finance

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2013-03-07 - Referred to FIN, referral sheet 30 [SB1033 Detail]

Download: Hawaii-2013-SB1033-Amended.html

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STAND. COM. REP. NO. 463

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1033

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1033 entitled:

 

"A BILL FOR AN ACT RELATING TO PUBLIC FINANCE,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to require the premiums received from the sale of general obligation bonds to be used for eligible capital expenditures pursuant to section 39-2, Hawaii Revised Statutes.

 

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

 

     Your Committee finds that the current law only allows the premiums received from the sale of general obligation bonds to be deposited into the general fund of the State.  This measure would allow these premiums to alternatively be used to finance eligible capital expenditures, pursuant to section 39-2, Hawaii Revised Statutes, including the construction or improvement of various public facilities, elementary and secondary schools, community colleges, university facilities, and other purposes approved by the Legislature.  Your Committee finds that this measure provides for more funding options and greater spending flexibility and allows the Department of Budget and Finance to incur less debt while being able to meet funding requirements for necessary capital improvement projects.

 

     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. 1033 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 Ways and Means,

 

		____________________________ DAVID Y. IGE, Chair