Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2529 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the use of certificates of deposit issued through the Certificate of Deposit Account Registry Service to secure public funds.

The Department of Budget and Finance and City Bank submitted comments on the bill.

Your Committee finds that the bill clarifies the scope of the present law.

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. 2529 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.