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. 1944, H.D. 1, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to extend the authorization date for the issuance of special purpose revenue bonds, pursuant to Act 136, Session Laws of Hawaii 2000, to assist Worldwide Energy Group, Inc.

Your Committee finds that Act 136, Session Laws of Hawaii 2000, authorized the issuance of special purpose revenue bonds in a total amount not to exceed $50,000,000 to assist Worldwide Energy Group, Inc. in the planning, design, construction, and operation of a facility to convert agricultural green waste into fuel grade ethanol. The date for the authorization of the issuance of the bonds lapses on June 30, 2004. This measure amends Act 136 by extending the authorization date for the issuance of the bonds until June 30, 2009.

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. 1944, H.D. 1, S.D. 1, and recommends that it pass Third Reading.