STAND. COM. REP. NO. 3509
Honolulu, Hawaii
RE: H.B. No. 2991
H.D. 2
S.D. 2
Honorable Robert Bunda
President of the Senate
Twenty-Third State Legislature
Regular Session of 2006
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred H.B. No. 2991, H.D. 2, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS,"
begs leave to report as follows:
The purpose of this measure is to authorize the issuance of special purpose revenue bonds for low and moderate income government housing programs.
Specifically, this measure implements article VII, section 12 of the Constitution of the State of Hawaii, which expressly authorizes the issuance of special purpose revenue bonds to assist low and moderate income government housing programs.
Your Committee believes this measure will stimulate the development of affordable housing. It will assist in decreasing the costs and shortening the time and processes required to develop affordable housing, and will ultimately benefit Hawaii's working families.
Your Committee has amended this measure by:
(1) Amending the definition of "qualified affiliate" to clarify that a private organization is the "qualified affiliate" of the public instrumentality and not a separate entity allowed to develop low and moderate income housing;
(2) Changing the effective date to July 1, 2050 for the purpose of continuing discussion on this issue; and
(3) Making technical nonsubstantive amendments for the purposes of clarity and style.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2991, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2991, H.D. 2, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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____________________________ BRIAN T. TANIGUCHI, Chair |
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