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, Hawaii Community Foundation, Hawaii Alliance of Nonprofit Organizations, and Hawaii 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,

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair