Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Economic Development and Technology, to which was referred H.B. No. 1662, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to clarify that the governor's and legislature's approvals are required prior to the issuance of any special facility revenue bonds.

Your Committee received testimony in favor of this measure from the Special Advisor for Technology Development and High Technology Development Corporation.

Your Committee finds that the development of technology projects and infrastructure on State lands is important. Revenues earned from such technology projects repay the costs of the bonds. Future growth of the high technology industry in Hawaii will depend on the State's ability to fast track technology projects, including those on State lands.

Your Committee has amended this measure by including appropriations to support high technology marketing and promotion activities, a new position for biotechnology development, and to finance high technology capital improvement projects.

As affirmed by the record of votes of the members of your Committee on Economic Development and Technology that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1662, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1662, H.D. 1, S.D. 1, and be referred to the Committee on Ways and Means.