STAND. COM. REP. NO. 1334-00

                                 Honolulu, Hawaii
                                                   , 2000

                                 RE: S.B. No. 2088
                                     




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No.
2088 entitled: 

     "A BILL FOR AN ACT RELATING TO SHORT-TERM INVESTMENT OF
     STATE MONEYS,"

begs leave to report as follows:

     The purpose of this bill is to provide investment
flexibility to the Director of Finance (Director) by:

     (1)  Expanding the permissible types of investments the
          Director may make using excess state funds; and

     (2)  Eliminating investments in federal land bank bonds
          which no longer exist.

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

     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 S.B. No.
2088 and recommends that it pass Second Reading and be placed on
the calendar for Third Reading.


 
 
 
 
 
 
                                 STAND. COM. REP. NO. 1334-00
                                 Page 2

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



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair