STAND. COM. REP. NO. 3510
Honolulu, Hawaii
RE: H.B. No. 3067
H.D. 2
S.D. 2
Honorable Robert Bunda
President of the Senate
Twenty-Third State Legislature
Regular Session of 2006
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred H.B. No. 3067, H.D. 2, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO STATE FUNDS,"
begs leave to report as follows:
The purpose of this measure is to increase the amount of affordable loan funds to support agriculture in Hawaii through the use of linked investments.
Specifically, this measure establishes and authorizes the State to invest in linked investments to provide loan funds for agriculture in the State. This bill defines "eligible borrower", "eligible lending institution", "linked investment", and "real property" and provides the framework in which linked investments are to be used.
Upon further consideration, your Committee has amended this measure by:
(1) Changing the maximum amount of a loan from an unspecified amount to $1 for the purpose of further discussion;
(2) Changing the lending rate of a linked investment from an unspecified percentage to one per cent (or the prime rate, whichever is lower) also for the purpose of furthering discussion;
(3) Changing the effective date to July 1, 2050; and
(4) Making technical nonsubstantive amendments for the purposes of clarity, consistency, and style.
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 H.B. No. 3067, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 3067, H.D. 2, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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____________________________ BRIAN T. TANIGUCHI, Chair |
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