STAND. COM. REP. NO. 829
Honolulu, Hawaii
, 2009
RE: H.B. No. 618
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Fifth State Legislature
Regular Session of 2009
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 618 entitled:
"A BILL FOR AN ACT RELATING TO THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT,"
begs leave to report as follows:
The purpose of this bill is to conform the law governing the spending of endowment funds with modern investment and expenditure practices by enacting the Uniform Prudent Management of Institutional Funds Act.
The Department of the Attorney General, Commission to Promote Uniform Legislation, National Tropical Botanical Garden, Hawai‘i Community Foundation, Hawai‘i Alliance of Nonprofit Organizations, and Hawai‘i Pacific University testified in support of this bill.
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. 618 and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ MARCUS R. OSHIRO, Chair |
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