STAND. COM. REP. NO. 2737

Honolulu, Hawaii

RE:    S.B. No. 2799

       S.D. 2

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 2799, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the Board of Directors of the Hawaii Housing Finance and Development Corporation to set the salary of the Executive Director of the Hawaii Housing Finance and Development Corporation, not to exceed an unspecified amount.

     Your Committee received written comments in support of this measure from the Department of Business, Economic Development, and Tourism and the Hawaii Housing Finance and Development Corporation.

     Your Committee finds that the salary of the Executive Director of the Hawaii Housing Finance and Development Corporation should be commensurate with the salaries of other executive directors of housing finance agencies nationwide.  Your Committee further finds that allowing the Board of Directors of the Hawaii Housing Finance and Development Corporation to set the salary of the Executive Director will enable it to recruit and retain a qualified Executive Director.

     Your Committee has amended this measure by:

     (1)  Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

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

     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 S.B. No. 2799, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2799, S.D. 2.

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

____________________________

DAVID Y. IGE, Chair