Legislature(2003 - 2004)
03/05/2004 08:04 AM House STA
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HB 422-BUDGET RESERVE FUND INVESTMENT Number 0552 CHAIR WEYHRAUCH announced that the last order of business was HOUSE BILL NO. 422, "An Act repealing the special subaccount established in the constitutional budget reserve fund; relating to the powers of the Department of Revenue for the investment of amounts in the constitutional budget reserve fund; and providing for an effective date." Number 0543 REPRESENTATIVE SEATON moved to adopt the committee substitute (CS) for HB 422, Version 23-LS157\Q, Cook, 3/4/04, as a work draft. [No objection was stated, and Version Q was treated as adopted.] Number 0450 REPRESENTATIVE GRUENBERG moved Amendment 1 to Version Q. REPRESENTATIVE HOLM objected. Number 0398 The committee took an at-ease from 9:37 a.m. to 9:38 a.m. TAPE 04-30, SIDE A Number 0001 REPRESENTATIVE GRUENBERG said he wanted to know if Amendment 1 would give the Department of Revenue additional flexibility. Number 0058 TOMAS H. BOUTIN, Deputy Commissioner, Office of the Commissioner, Department of Revenue, responded that while he has no problem with Amendment 1, it would not really provide additional flexibility. Furthermore, he stated that Version Q, without Amendment 1, would "do just fine," and is worded better than the original bill. Number 0126 REPRESENTATIVE GRUENBERG withdrew Amendment 1. Number 0156 REPRESENTATIVE HOLM moved to report CSHB 422, Version 23- LS1527\Q, Cook, 3/4/04, out of committee with individual recommendations [and the accompanying fiscal note]. REPRESENTATIVE SEATON objected for discussion purposes. He turned to the title of Version Q. He asked, "If the special subaccount established in the constitutional budget reserve fund (CBRF) is repealed, does the money automatically flow to the CBR, or does it flow to the general fund?" Number 0200 MR. BOUTIN stated he is certain it would be part of the CBR. He said the department currently reports the CBR balance, without even delineating the CBR. He explained that the only difference in the subaccount is that it needs to be invested with a five- year minimum time horizon in mind. REPRESENTATIVE SEATON explained that he wanted it on the record that "this was not a ... CBR draw that we were offering." Number 0300 REPRESENTATIVE GRUENBERG moved [Amendment 2 to Version Q], a technical amendment that would remove the words, "On July 1, 2004," from page 1, line 7 of Version Q. He explained that since the committee had changed the effective date from "July 1, 2004" in the original bill version to "effective immediately", the July 1, 2004 date in the "TRANSITION" part of the bill was no longer accurate. MR. BOUTIN concurred. Number 0339 REPRESENTATIVE HOLM, at the bequest of the chair, withdrew his previously stated motion [as a point of order, so that the committee could address Amendment 2]. REPRESENTATIVE GRUENBERG questioned whether the tense of the word "merge" on page 1, line 8 should be changed. Number 0374 CHAIR WEYHRAUCH offered his understanding that line 7 would therefore begin with the word "The". REPRESENTATIVE SEATON asked for clarification on whether the word "TRANSITION" would be deleted. CHAIR WEYHRAUCH announced that, without objection, the technical [Amendment 2] was so ordered. Number 0400 REPRESENTATIVE HOLM moved to report CSHB 422, as amended, out of committee with individual recommendations and the accompanying fiscal note. There being no objection, CSHB 422(STA) was reported out of the House State Affairs Standing Committee.
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