Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Economic Development and Business Concerns, to which was referred H.B. No. 1662 entitled:

begs leave to report as follows:

The purpose of this bill is to support the development of technology projects on state lands by authorizing the issuance of special facility revenue bonds for the High Technology Development Corporation (HTDC).

Your Committee notes that Act 72, Session Laws of Hawaii 2000 (Act 72), among other things, gave HTDC the authority to issue special facility revenue bonds for high technology projects. However, Act 72 was signed prior to the signing of the Supplemental Appropriations Act of 2000. This procedural error invalidated the law with respect to special facility revenue bonds. This bill corrects this procedural error by reenacting that portion of Act 72 relating to the authorization of special facility revenue bonds.

The Office of the Governor and HTDC supported this measure. The Department of Budget and Finance testified in support of the intent of this measure.

As affirmed by the record of votes of the members of your Committee on Economic Development and Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1662 and recommends that it pass Second Reading and be referred to the Committee on Finance.