Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Economic Development, to which was referred S.B. No. 2495 entitled:

begs leave to report as follows:

The purpose of this measure is to amend the law relating to economic development.

Your Committee has amended this measure by replacing its contents with language that authorizes the issuance of general obligation bonds for the construction of wet lab space and a biotech incubator at Kakaako.

As affirmed by the record of votes of the members of your Committee on Economic Development that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2495, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2495, S.D. 1, and be recommitted to the Committee on Economic Development, for further consideration.