STAND. COM. REP. NO.  112

Honolulu, Hawaii

                , 2015

RE:   H.B. No. 273

      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 Consumer Protection & Commerce, to which was referred H.B. No. 273 entitled:

"A BILL FOR AN ACT RELATING TO THE HURRICANE RESERVE TRUST FUND,"

begs leave to report as follows:

The purpose of this measure is to require that the interest and other moneys earned on the principal of the hurricane trust fund be deposited into the hurricane trust fund rather than into the general fund.  

Your Committee received testimony in support of this measure from the Hawaii Hurricane Relief Fund and the Hawaii Association of Realtors.

Your Committee finds that the general fund has stabilized as a result of increased revenues.  Your Committee further finds that it is appropriate to allow interest and other revenues earned on the principal moneys of the hurricane relief fund to accrue to the credit of that fund so that it may serve as a safety net in order to mitigate losses caused by hurricane damage.

Your Committee has amended this measure by changing the effective date to July 1, 2112, to facilitate further discussion on the measure.

     As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 273, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 273, H.D. 1, and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,

____________________________

ANGUS L.K. McKELVEY, Chair