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. 554, H.D. 2, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the Hawaii Community Development Authority to issue special facility revenue bonds for eligible projects.

Facilities specifically contemplated by this measure include an ocean science center, a multicultural village, and an ocean park in the Kakaako community development district.

Furthermore, this bill appropriates general funds to the Hawaii Community Development Authority to design and build the ocean park in Kakaako.

Your Committee finds that the development of such facilities in Kakaako will expand research and development opportunities for the State's economic development and serve as catalysts for multi-cultural understanding and commercial and retail development.

Your Committee has amended this measure by correcting an erroneous section cross-reference in the bill. Your Committee also amended this measure by substituting an appropriation of $2.00 to facilitate further discussion.

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. 554, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 554, H.D. 2, S.D. 2.