STAND. COM. REP. 780

Honolulu, Hawaii

, 2003

RE: H.B. No. 78

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 78 entitled:

"A BILL FOR AN ACT RELATING TO THE HOUSING AND COMMUNITY DEVELOPMENT CORPORATION OF HAWAII,"

begs leave to report as follows:

The purpose of this bill is to authorize the Housing and Community Development Corporation of Hawaii (HCDCH) to establish and manage special funds held outside of the state treasury.

HCDCH testified in support of this bill. The Department of Budget and Finance submitted comments on this measure.

Your Committee has amended this measure by:

(1) Restricting the establishment and management of funds held outside of the state treasury to federal funds since these are the funds that are used to administer the federal housing programs;

(2) Specifying the types of investments that HCDCH would be authorized to invest in to secure the protection of such monies; and

(3) Making technical, nonsubstantive amendments for purposes of clarity, consistency, and style.

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. 78, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 78, H.D. 1.

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair