Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committees on Transportation, Military Affairs, and Government Operations and Commerce, Consumer Protection and Housing, to which was referred H.B. No. 2181, H.D. 2, entitled:

beg leave to report as follows:

The purpose of this measure is to allow the Housing and Community Development Corporation of Hawaii (HCDCH) to issue bonds in connection with any program to provide housing for active or retired U.S. military personnel, their families, and others authorized by the military to reside in such housing.

The aggregate principal of the bonds is capped at $2,000,000,000.

Testimony in support of this measure was received from the HCDCH.

Your Committees find that this measure supports and aids Hawaii's commitment to assist with providing military housing, with its concomitant increased construction moneys, which is in the planning for all branches of the military in the coming years. Your Committees further find that the total cost of construction is estimated to be at $3.6 billion, making the cap of $2 billion as contained in this measure eminently reasonable.

As affirmed by the records of votes of the members of your Committees on Transportation, Military Affairs, and Government Operations and Commerce, Consumer Protection and Housing that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 2181, H.D. 2, and recommend that it pass Second Reading and be referred to the Committee on Ways and Means.