STAND. COM. REP. NO. 1912

Honolulu, Hawaii

RE: H.B. No. 530

H.D. 1

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 530, H.D. 1, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO MANAGEMENT OF STATE FUNDS,"

begs leave to report as follows:

The purpose and intent of this measure is to establish a linked investment program for the agriculture industry.

More specifically, the program authorizes eligible lending institutions to make loans to eligible borrowers based upon the value of certificates of deposit placed with the lending institutions by the Director of Finance as short-term investments of state moneys totalling up to $5,000,000.

This measure also appropriates funds for staff to administer the linked investment program.

Your Committee received written comments on this measure from the Department of Agriculture and the Department of Budget and Finance.

Your Committee finds that innovative financial mechanisms are needed to support the agricultural industry following recent natural disasters that have adversely affected farms and other agricultural enterprises.

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

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

________________________________

DONOVAN M. DELA CRUZ, Chair