STAND. COM. REP. NO.  734

 

Honolulu, Hawaii

                , 2009

 

RE:   H.B. No. 1260

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1260, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO GOVERNMENT,"

 

begs leave to report as follows:

 

     The purpose of this bill is to establish a state securitization account (Account) within the Department of Budget and Finance (B&F) to:

 

(1)  Receive excess non-general funds;

 

(2)  Meet the qualifications imposed on the State with respect to the issuance of general obligation bonds; and

 

(3)  Use to temporarily finance capital improvement projects.

 

Under this bill, the Director of Finance must report to the Legislature:

 

(1)  Within ten days, any transfers to the Account; and 

 

(2)  Quarterly, beginning August 1, 2009, all transfers made from and to the Account, and any related expenditures.

 

     B&F and the University of Hawaii System submitted comments on this measure.

 

     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. 1260, H.D. 1, and recommends that it pass Second Reading 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