HI SCR64

Director of Finance and Comptroller requested to review inventory of special funds, revolving loan funds, revolving funds, bond holdings, and other state investments to identify stable funds appropriate for investment in small, locally-based financial institutions

Director of Finance and Comptroller requested to work with Chief Procurement Officer to develop special procurement process ensuring funds deposited in winning institutions for no less than ten years

Procurement specifications must include minimum safeguards to prevent misuse of state funds and require reporting on fund statuses for state maintenance purposes

Resolution aims to increase lending capacity of local credit unions and small financial institutions to support low- and middle-income families seeking personal loans, auto loans, and mortgages