STAND. COM. REP. NO. 2350

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2825

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2825 entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this measure is to clarify that the five-year maturity limitation for short-term investments of state moneys also applies to the underlying securities of those investments.

 

     Testimony in opposition to this measure was submitted by one state agency.

 

     Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that there is a need to clarify the legislative intent to limit short-term investments of state moneys to those that will mature, together with the underlying securities of those investments, not more than five years from the date of the investment.  This measure serves that purpose.

 

     Your Committee has amended this measure by making technical nonsubstantive amendments for the 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. 2825, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2825, 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,

 

 

 

____________________________

DONNA MERCADO KIM, Chair