HI SR37

Director of Finance and Comptroller requested to review state special funds, revolving loan funds, bond holdings, and other state investments to identify stable funds appropriate for opening accounts in small local financial institutions.

Director of Finance and Comptroller requested to work with State Procurement Office Administrator to develop a special procurement process for investing identified funds in winning financial institutions for no less than ten years if fund expansion is feasible.

Procurement specifications must include minimum safeguards against misuse of state funds and reporting requirements on fund status necessary for state maintenance.

Resolution aims to increase lending capacity of small, locally-based financial institutions to support local residents and stimulate the state economy through loans and dividends that accumulate local wealth.

Certified copies to be transmitted to Governor, Director of Finance, Comptroller, and Administrator of State Procurement Office.