STAND. COM. REP. NO.  233

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 1435

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Tourism & Culture, to which was referred H.B. No. 1435 entitled:

"A BILL FOR AN ACT RELATING TO THE STATE OF HAWAII ENDOWMENT FUND,"

begs leave to report as follows:

     The purpose of this bill is to support the Honolulu Symphony's fundraising efforts in providing private funds to match state general funds previously appropriated for the State of Hawaii Endowment Fund under Act 97, Session Laws of Hawaii, by:

     (1)  Extending the lapse date of general funds appropriated under Act 97 for the State of Hawaii Endowment Fund to June 30, 2009; and

     (2)  Including pledges as funds which may be used to match the general funds.

     The Honolulu Symphony, Hawaii Arts Alliance, and several concerned individuals supported this bill.  The State Foundation on Culture and the Arts offered comments.

     As affirmed by the record of votes of the members of your Committee on Tourism & Culture that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1435 and recommends that it pass Second Reading and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Tourism & Culture,

____________________________

RYAN I. YAMANE, Chair