STAND. COM. REP. NO. 848

Honolulu, Hawaii

RE:    S.B. No. 1372

       S.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 S.B. No. 1372 entitled:

"A BILL FOR AN ACT RELATING TO MANAGEMENT OF FINANCING AGREEMENTS,"

begs leave to report as follows:

     The purpose of this measure is to allow state departments and agencies, in addition to the Department of Budget and Finance, to enter directly into financing agreements to finance the construction of facilities and the leasing or purchase of equipment.

     Your Committee received comments in support of this measure from the Department of Budget and Finance.

     Your Committee believes that allowing other departments and agencies to directly enter into finance agreements will increase efficiencies, while still requiring the Department of Budget and Finance to maintain oversight responsibilities on the use of financing agreements.

     Your Committee has amended this measure by making technical nonsubstantive changes for purposes of clarity and consistency.

     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. 1372, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1372, S.D. 1, and be placed on the calendar for Third Reading.

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

____________________________

ROSALYN H. BAKER, Chair