STAND. COM. REP. NO.  767

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 421

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 421 entitled:

"A BILL FOR AN ACT RELATING TO SHORT TERM INVESTMENT OF COUNTY MONEYS,"

begs leave to report as follows:

     The purpose of this bill is to allow the counties to invest moneys in certain commercial paper and bankers' acceptances.

     The Mayor of the County of Maui, a member of the Maui County Council, County of Maui Department of Finance, County of Hawaii Finance Department, City and County of Honolulu Department of Budget and Fiscal Services, and County of Kauai Department of Finance testified in support of this bill.

     Your Committee has amended this bill by making technical, nonsubstantive amendments for clarity, consistency, and style.

     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. 421, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 421, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair