STAND

STAND. COM. REP. NO. 865-04

Honolulu, Hawaii

, 2004

RE: S.B. No. 3098

H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 3098 entitled:

"A BILL FOR AN ACT RELATING TO KIKALA-KEOKEA,"

begs leave to report as follows:

The purpose of this bill is to continue efforts to provide assistance to lessees at Kikala-Keokea on the island of Hawaii by providing low-interest loans. Specifically, this bill:

(1) Clarifies the purposes of the Kikala-Keokea Housing Revolving Fund (Revolving Fund); and

(2) Authorizes the issuance of general obligation bonds and appropriates moneys to fund the Revolving Fund.

The Office of Hawaiian Affairs testified in support of this bill. The senator from the 2^nd Senate District supported the intent of this measure. The Housing and Community Development Corporation of Hawaii opposed this bill.

Your Committee has amended this bill by:

(1) Incorporating language that explicitly states the public purpose of this bill into the preamble;

(2) Changing the amount of general obligation bonds that the Director of Finance is authorized to issue from $2,000,000 to $1 to facilitate further discussion; and

(3) Making technical, nonsubstantive amendments for purposes of clarity, consistency, and style.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 3098, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 3098, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

		____________________________ DWIGHT Y. TAKAMINE, Chair