Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Economic Development and Business Concerns, to which was referred S.B. No. 2281, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to permit the High Technology Development Corporation (HTDC) to deposit into a private trust account in a Hawaii bank or financial institution moneys collected or received from or on behalf of clients for projects under a contract for services. The bill also removes the $3,000,000 cap on the total amount of moneys that the High Technology Special Fund can contain.

HTDC supported this bill with amendments.

Your Committee has amended this bill by:

As affirmed by the record of votes of the members of your Committee on Economic Development and Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2281, S.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2281, S.D. 1, H.D. 1, and be referred to the Committee on Finance.