Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committees on Water and Land Use and Economic Development and Business Concerns, to which was referred H.B. No. 1150 entitled:

beg leave to report as follows:

The purpose of this bill is to authorize the issuance of special purpose revenue bonds to enable Adtech to finance capital costs to relocate and construct a new facility in Kakaako.

The Hawaii Community Development Authority, High Technology Development Corporation, Hawaii Congress on Small Business, and Adtech, Inc., testified in support of this bill. The Department of Budget and Finance recommended that the authorization to issue bonds should lapse on June 30, 2004, instead of June 30, 2006.

Your Committees find that this bill will expand the economic development opportunities for high technology businesses in Hawaii.

Your Committees have amended this bill by:

(1) Changing the lapsing date to June 30, 2004; and

(2) Making technical, nonsubstantive amendments for the purpose of style.

As affirmed by the records of votes of the members of your Committees on Water and Land Use and Economic Development and Business Concerns that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 1150, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 1150, H.D. 1, and be referred to the Committee on Finance.