STAND. COM. REP. NO. 2550

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  S.B. No. 2342
                                        S.D. 1




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B.
No. 2342 entitled:

     "A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS
     FOR PROCESSING ENTERPRISES,"

begs leave to report as follows:

     The purpose of this bill is to authorize the issuance of
$8,000,000 in special purpose revenue bonds to assist the Hawaii
Taro Company in planning and building a processing plant.

     Your Committee finds that the Hawaii Taro Company operation
on the island of Maui currently produces taro burgers which are
sold to restaurants and stores in Hawaii.  They are also
negotiating with local institutions and fast food franchises to
carry their products in Hawaii and on the mainland.  With a
larger processing facility, Hawaii Taro Company will be able to
increase its volume of production and create new jobs both in the
processing of taro products and the growing of taro for
production of value added food products.

     Upon further consideration, your Committee has amended this
bill to require the Department of Budget and Finance to process
applications for special purpose revenue bonds under this bill in
accordance with the requirements of its "Formal Application for
Financing of an Industrial Enterprise" as it existed on
October 22, 1987.  The Department is required to report to the

 
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                                   STAND. COM. REP. NO. 2550
                                   Page 2


Legislature twenty days before the convening of the regular
sessions of 2001 and 2002 regarding any progress made with
respect to the issuance of the special purpose revenue bonds
authorized by this bill.

     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.
2342, as amended herein, and recommends that it pass Third
Reading in the form attached hereto as S.B. No. 2342, S.D. 1.

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



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
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