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. 1262 entitled:

begs leave to report as follows:

The purpose of this bill is to increase the amount in special purpose 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.

The bill also extends for one year the due dates for status reports to the Legislature and the lapse date for the special purpose revenue bonds.

Your Committee believes the development of the chilled water distribution system project continues to be in the public's interest, as it will result in a dependable, efficient, and economical energy system. Your Committee finds that the monetary increase and date extensions provided by this bill will facilitate the planned 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 Ways and Means 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 Third Reading.