STAND. COM. REP. NO.  1158

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 1435

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1435 entitled:

 

"A BILL FOR AN ACT RELATING TO THE STATE OF HAWAII ENDOWMENT FUND,"

 

begs leave to report as follows:

 

     The purpose of this bill is to support the Honolulu Symphony's fundraising efforts in providing private funds to match state general funds previously appropriated for the State of Hawaii Endowment Fund under Act 97, Session Laws of Hawaii, by:

 

     (1)  Extending the lapse date of general funds appropriated under Act 97 for the State of Hawaii Endowment Fund to June 30, 2009; and

 

     (2)  Including pledges as funds which may be used to match the general funds.

 

     The Honolulu Symphony, Hawaii International Choral Festival, Commercial Data Systems, and several concerned individuals testified is support of this bill.

 

     Your Committee has amended this bill by:

 

     (1)  Specifying that the funds appropriated must be matched as provided by the law establishing the State of Hawaii Endowment Fund; and

     (2)  Making technical, nonsubstantive amendments for 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. 1435, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1435, H.D. 1.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair