Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Water, Land, and Agriculture, to which was referred H.B. No. 330, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the Agribusiness Development Corporation to issue revenue bonds to obtain agricultural land in Waialua from the Galbraith Trust and enable them to contract with banks to provide lease management services.

The Agribusiness Development Corporation, the University of Hawaii College of Tropical Agriculture and Human Resources, the Big Island Farm Bureau, the Hawaii Agriculture Research Center, and the Hawaii Farm Bureau submitted testimony in support of this measure.

The area from Waialua to Central Oahu is considered prime agricultural land with optimum growing conditions and access to affordable agricultural water. Your Committee believes that, as much as possible, these lands should be kept in use for agriculture. This measure secures a portion of these lands to ensure that farming will continue in the future.

Your Committee has amended this measure by making technical, nonsubstantive amendments for style, clarity, and consistency.

As affirmed by the record of votes of the members of your Committee on Water, Land, and Agriculture that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 330, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 330, H.D. 1, S.D. 1, and be referred to the Committee on Ways and Means.