Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 1309, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of $10,000,000 in special purpose revenue bonds to assist Science and Technology International with the consolidation of its operations in Hawaii.

Your Committee received favorable testimony from Science and Technology International on this measure.

Your Committee finds that Science and Technology International's success is based on its pioneering work with hyperspectral imagery, which has broad military and medical applications. The company's success with hyperspectral imagery has resulted in record growth and a tripling of its size in the last eighteen months. This growth, however, is hampered by its decentralized location that is spread-out over two buildings in downtown Honolulu and the neighbor islands.

This bill will allow Science and Technology International to consolidate its operations and to expand and boost the economy by creating more jobs in the local high technology industry.

Your Committee has amended the bill by making a technical amendment that has no substantive effect.

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 H.B. No. 1309, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1309, S.D. 2.