Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committees on Science, Arts, and Technology and Economic Development, to which was referred S.B. No. 2281 entitled:

beg leave to report as follows:

The purpose of this measure is to allow certain moneys collected in the High Technology Special Fund to be deposited into a private client account in any bank or financial institution. This measure also deletes the $3,000,000 cap on the fund.

The Department of Budget and Finance offered comments on the measure.

Your Committees find that this measure would provide flexibility to the High Technology Development Corporation (HTDC) in managing and supervising a greater number of high technology related projects by removing the limits on the High Technology Special Fund. Regarding the proposal to allow client accounts, your Committees are aware that HTDC and the Department of Budget and Finance are working to arrive at a consensus on a way to resolve these concerns.

As affirmed by the records of votes of the members of your Committees on Science, Arts, and Technology and Economic Development that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 2281 and recommend that it pass Second Reading and be referred to the Committee on Ways and Means.