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. 3060, H.D. 1, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the High Technology Innovation Corporation to establish operational bank accounts in out-of-state locations.

The measure also exempts the High Technology Innovation Corporation from chapters 36, 38, and 40, Hawaii Revised Statutes, relating to the management of state funds, deposits of public funds, and state audit and accounting, respectively. In addition, this measure authorizes the High Technology Development Corporation to provide grants to local businesses that receive a federal Small Business Technology Transfer Program award or contract, or applies for a Small Business Innovation Research federal grant or Small Business Technology Transfer Program federal grant.

After due consideration of this measure, your Committee has amended the measure by:

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. 3060, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 3060, H.D. 1, S.D. 2.