Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 1756, H.D. 2, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the High Technology Development Corporation to issue special purpose revenue bonds to assist Electricore, Inc. plan, design, construct, and operate facilities for the development of unmanned aerial vehicles, vehicle systems, and related integrated multiuse unmanned systems.

Your Committee finds that this measure authorizes the High Technology Development Corporation to issue special purpose revenue bonds in an amount not to exceed $30,000,000 to assist Electricore, Inc. which is the facilitator of the Mid-Pacific Unmanned System Test Center that is developing extreme-endurance, high-altitude, unmanned aerial vehicles, which can function as the platforms for multiple missions and technologies. Your Committee finds that this is a high technology industrial enterprise and that the issuance of the special purpose revenue bonds is in the public interest and is beneficial to the public health, safety, and general welfare.

Your Committee has amended this measure by changing the effective date to facilitate further discussion on this matter.

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. 1756, H.D. 2, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1756, H.D. 2, S.D. 1.