STAND. COM. REP. NO.  711

Honolulu, Hawaii

                , 2011

RE:   H.B. No. 560

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 560 entitled:

"A BILL FOR AN ACT RELATING TO FINANCE,"

begs leave to report as follows:

     The purpose of this bill is to require the Director of Finance, beginning on July 1, 2011, to:

     (1)  Transfer funds from the Compliance Resolution Fund (CRF) to retroactively fund all interest payments on general obligation bonds issued on behalf of the Department of Commerce and Consumer Affairs (DCCA); and

     (2)  Collect funds from the CRF each year to pay the interest on the general obligation bonds.

     DCCA and Hawaii Insurers Council opposed this bill.

     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. 560 and recommends that it pass Third Reading.

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

____________________________

MARCUS R. OSHIRO, Chair