Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1156, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to provide that upon dissolution of the Hawaii Hurricane Relief Fund (HHRF), the remaining moneys shall be deposited into the Emergency Budget and Reserve Fund.

The Department of Budget and Finance and an individual submitted testimony in support of the intent of this bill.

The Department of Commerce and Consumer Affairs, Hawaii Association of Realtors, and Hawaii Independent Insurance Agents submitted testimony in opposition to this bill. The HHRF Board submitted comments.

Your Committee has amended this bill by deleting its substance and inserting provisions requiring HHRF to develop and implement a two-year pilot program to provide matching grants to residential property owners for installation of wind damage mitigation devices.

As amended, the bill would also:

It is the intent of your Committee that the moneys appropriated for the pilot program be taken from the investment income of the Hurricane Reserve Trust Fund.

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. 1156, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1156, H.D. 2.