Bill Text: HI SB2988 | 2012 | Regular Session | Amended

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Bill Title: State Funds; Debt Service; Restructuring

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Engrossed - Dead) 2012-02-21 - (H) Referred to FIN, referral sheet 34 [SB2988 Detail]

Download: Hawaii-2012-SB2988-Amended.html

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STAND. COM. REP. NO. 2175

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2988

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2988 entitled:

 

"A BILL FOR AN ACT RELATING TO STATE FUNDS,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to authorize the Director of Finance to restructure the debt service for state obligations; provided that any such restructuring shall take into consideration the long-term financial obligations of the State and shall not be undertaken solely to provide short-term savings.

 

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

 

     Your Committee finds that this measure will provide the Director of Finance with the flexibility necessary to address the long-term and short-term obligations of the State.

 

     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. 2988 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