STAND. COM. REP. NO. 1460

Honolulu, Hawaii

RE:    H.B. No. 421

       H.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 421, H.D. 1, entitled:

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

begs leave to report as follows:

     The purpose of this measure is to authorize the counties to make short-term investments of county moneys in A-1/P-1 rated commercial paper and bankers' acceptances.

     Your Committee received comments in support of the measure from the Mayor of Maui County, a Maui County councilmember, and Central Pacific Bank.

     Your Committee finds that this measure will broaden the range of opportunities available to the counties for short-term investment of available excess funds, and will afford the counties the same investment opportunities as that available to the State.

     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. 421, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

ROSALYN H. BAKER, Chair