STAND. COM. REP. NO. 1321

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 381

       H.D. 2

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 381, H.D. 2, S.D. 1, entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this measure is to amend the date on which a $4,000,000 appropriation to the State of Hawaii endowment fund is to lapse and add a stipulation regarding pledges that are not collected by February 28, 2013.

 

     More specifically, Act 97, Session Laws of Hawaii 2006, section 2, as amended by Act 156, Session Laws of Hawaii 2007, section 1, appropriated out of the general revenues of the State of Hawaii the sum of $4,000,000 to the State of Hawaii endowment fund, and required any unexpended or unencumbered balances to lapse on June 30, 2009.  This measure deletes the lapse date of June 30, 2009, and imposes a stipulation that all pledges or portions of pledges not collected by February 28, 2013, will cause any unexpended balance from the appropriation to revert to the general fund.

 

     Your Committee finds that in consideration of the State's current fiscal crisis, it is prudent to replace the June 30, 2009, lapsing date with a provision that stipulates that the uncollected pledges shall cause any unexpended balance of the appropriation to revert to the general fund.

 

     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. 381, H.D. 2, S.D. 1, and recommends that it pass Third Reading.

 

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

 

 

 

____________________________

DONNA MERCADO KIM, Chair