Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Water, Land, Energy and Environment, to which was referred S.B. No. 1262 entitled:

begs leave to report as follows:

The purpose of this measure is to increase the amount in special revenue bonds authorized to be issued pursuant to Act 208, Session Laws of Hawaii 2000, to assist Rickmar Properties, Inc., in the establishment of a chilled water distribution system in downtown Honolulu. In addition, the due dates for status reports and the lapse date for the special revenue bonds have been extended one year.

Your Committee received testimony supporting this measure from the Department of Business, Economic Development, and Tourism and Rickmar Properties, Inc.

Your Committee finds that development of the chilled water distribution system project continues to be in the public's interest and will result in a dependable, efficient, and economical energy system. Recent plans for the project call for the doubling of its originally planned service area. The monetary amount increase and date extensions provided by this measure accommodate this expansion of the service area for the chilled water distribution system.

As affirmed by the record of votes of the members of your Committee on Water, Land, Energy and Environment that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1262 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.