Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Water and Land Use, to which was referred S.B. No. 1030, S.D. 2, entitled:

begs leave to report as follows:

The purpose of this bill is to permit the Hawaii Community Development Authority to issue special facility revenue bonds for eligible projects, including an ocean science center, in the Kakaako community development district.

Your Committee received testimony in support of this bill from the Department of Budget and Finance, the Hawaii Community Development Authority, Ocean Science Center of the Pacific, the Hawaii Tourism Authority, the Department of Business, Economic Development and Tourism, the Waikiki Aquarium, the Iron Workers Stabilization Fund, and Bishop Museum. No testimony was received in opposition to this bill.

Your Committee finds the proposed center promises to be a world-class scientific and education venue for our children and a new gathering place for residents and visitors. To build such a facility, the project will require a mix of financing to include general obligation bonds, private donations, and the use of special facility revenue bonds.

Your Committee has amended this bill by deleting its substance and inserting the substance of H.B. No. 554 H.D.1, a similar bill that was previously heard by your Committee on Water and Land Use.

As affirmed by the record of votes of the members of your Committee on Water and Land Use that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1030, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1030, S.D. 2, H.D. 1, and be referred to the Committee on Finance.