Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1435 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds for the purpose of assisting Hawaii Gold Cacao Tree, Inc., a processing enterprise.

With the cessation of sugar operations in the State, agriculture took a serious blow. However, the land formerly devoted to growing sugar cane can be used for commercial growth of a variety of diverse crops, including cacao beans, which are the source of chocolate. The establishment of cacao and chocolate processing facilities is projected to create over one hundred new positions directly in processing and production and five hundred or more jobs in related fields. Such job opportunities are particularly needed in Hawai`i's current economic climate.

Your Committee finds that Hawaii Gold Cacao Tree, Inc. on Kaua`i is an excellent example of a cacao and chocolate processing facility that will provide significant benefits to Hawai`i's economy. Your Committee further finds that the issuance of special purpose revenue bonds for Hawaii Gold Cacao Tree, Inc. is in the public interest and for the public health, safety, and welfare.

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. 1435 and recommends that it pass Third Reading.