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 S.B. No. 1013, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to increase the tax-exempt public facilities revenue bond authorization for the Hawaii Community Development Authority from $35,000,000 to an unspecified amount.

Your Committee received testimony in support of this measure from the Hawaii Community Development Authority, Department of Budget and Finance, Bishop Museum, and Hawaii Electricians Market Enhancement Program Fund.

Your Committee has amended this measure by changing the tax-exempt public facilities revenue bond authorization for the Hawaii Community Development Authority from an unspecified amount to $150,000,000.

In her written testimony to your Committee, the Executive Director of the Hawaii Community Development Authority stated that "Legislative approval will be requested prior to the initiation of each project". Based on (1) the expectation that the Hawaii Community Development Authority's promise will be honored by present and future administrations, and (2) the expectation that present and future Legislatures will hold the Hawaii Community Development Authority to its promise, your Committee has raised the tax-exempt public facilities revenue bond authorization for the Hawaii Community Development Authority to $150,000,000 as requested.

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 S.B. No. 1013, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1013, S.D. 2.