STAND. COM. REP. NO. 2737
Honolulu, Hawaii
RE: S.B. No. 3119
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 S.B. No. 3119, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO HAWAIIAN HOME LANDS,"
begs leave to report as follows:
The purpose of this measure is to allow the Hawaiian Homes Commission to deposit moneys contained in the Hawaiian home lands trust fund in depositories other than the state treasury.
The measure also:
(1) Establishes that the moneys deposited into depositories other than the state treasury be exempt from the requirements of chapters 36 (management of state funds) and 38 (deposits of public funds), Hawaii Revised Statutes; and
(2) Authorizes the Hawaiian Homes Commission to hold, purchase, sell, assign, transfer, or dispose of any securities and investments and any proceeds from investments in which trust fund moneys have been invested.
Your Committee finds that the measure provides the Hawaiian Homes Commission with the necessary flexibility and authority to manage, invest, and reinvest funds to earn a higher return for moneys in the Hawaiian home lands trust fund.
Your Committee has amended the measure by making technical, nonsubstantive amendments for the purposes of clarity 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 S.B. No. 3119, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 3119, 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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