DISPOSITION OF EXCESS REVENUES AMENDMENT, if approved, would allow excess general fund revenue to be used to pre-pay general obligation bonds and pensions accrued by state employees. Given the massive unfunded liabilities of public pensions across the country, including Hawaii’s, proposals such as this can be a positive for taxpayers. Giving elected officials a choice in meeting obligations is a wise decision, but should not be used to avoid making structural changes to unaffordable pension systems.