STAND. COM. REP. NO.  48

 

Honolulu, Hawaii

                , 2015

 

RE:   H.B. No. 705

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Sir:

 

     Your Committee on Housing, to which was referred H.B. No. 705 entitled:

 

"A BILL FOR AN ACT RELATING TO NON-GENERAL FUNDS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to repeal and reclassify various non-general funds based on recommendations made by the Auditor in Auditor's Report No. 14-13.  Specifically, this bill:

 

     (1)  Reclassifies various housing loan special funds as revolving funds; and

 

     (2)  Repeals the fee simple residential revolving fund.

 

     The Office of the Auditor and the Hawaii Housing Finance and Development Corporation testified in support of the measure.  The Tax Foundation of Hawaii provided comments.

 

     Your Committee has amended this measure by:

 

     (1)  Changing its effective date to July 1, 2050, to encourage further discussion; and

 

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

 

     As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 705, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 705, H.D. 1, and be referred to the Committee on Finance.

 

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

 

 

 

 

____________________________

MARK J. HASHEM, Chair