STAND. COM. REP. NO.865
Honolulu, Hawaii
, 2001
RE: H.B. No. 542
H.D. 1
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. 542 entitled:
"A BILL FOR AN ACT RELATING TO THE FEE SIMPLE RESIDENTIAL REVOLVING FUND,"
begs leave to report as follows:
The purpose of this bill is to reduce the costs for lessees who participate in the Housing and Community Development Corporation of Hawaii's (HCDCH) Land Reform Program (Program) by:
(1) Assessing lessees for only direct costs that are related to the processing of their condemnation action;
(2) Requiring that the Fee Simple Residential Revolving Fund (Fund) shall pay for indirect costs incurred by HCDCH in administering the Program; and
(3) Specifying that lessees' deposits collected shall not be deposited into the Fund but rather into interest bearing accounts.
HCDCH testified in support of this measure.
According to HCDCH, due to the success of the Program, the number of participating lessees has diminished over the years. As a result, the lessees' pro rata share of HCDCH's costs and fees have proportionately increased, thereby making participation in the Program cost prohibitive.
Your Committee has made technical, nonsubstantive amendments to the bill for purposes of style and clarity.
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. 542, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 542, H.D. 1.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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