STAND. COM. REP. NO. 2486

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  S.B. No. 2783
                                        




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. 2783 entitled: 

     "A BILL FOR AN ACT RELATING TO ECONOMIC DEVELOPMENT
     FINANCING,"

begs leave to report as follows:

     The purpose of this bill is to establish a revolving fund
for venture capital assistance to be known as the Hawaii
Technology Fund.

     In addition, this bill allows the Employees' Retirement
System to invest up to ten per cent of alternative asset
allocations in venture capital funds, in conjunction with or
through the Hawaii Strategic Development Corporation or the High
Technology Development Corporation.  The bill also appropriates
funds in a blank amount for the purposes of the bill, to be
expended by the High Technology Development Corporation.

     Your Committee agrees with the intent of this bill, and
finds that it will assist in boosting Hawaii's economy by the
investment of venture capital funds in high technology endeavors.

     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.
2783 and recommends that it pass Third Reading.


 
a                                                          SB2783
 
                                   STAND. COM. REP. NO. 2486
                                   Page 2


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



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
a                                                          SB2783