Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committees on Commerce, Consumer Protection, and Housing and Water, Land, and Agriculture, to which was referred H.B. No. 3067, H.D. 2, entitled:

beg leave to report as follows:

The purpose of this measure is to establish, and authorize the State to invest in, linked investments to provide loan funds for agriculture. The measure contains an effective date of July 1, 2020, for purposes of further discussion.

Testimony in support of the intent of the measure was submitted by the Department of Agriculture. The Department of Budget and Finance expressed concerns and requested two amendments to the measure.

Your Committees find that this measure will expand the amount of affordable loan funds for agriculture by allowing private lending institutions to provide operating loan funds at favorable rates to agricultural enterprises that would not otherwise qualify for loans from the Department of Agriculture.

Your Committees have amended the measure to:

As affirmed by the records of votes of the members of your Committees on Commerce, Consumer Protection, and Housing and Water, Land, and Agriculture that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 3067, H.D. 2, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 3067, H.D. 2, S.D. 1, and be referred to the Committee on Ways and Means.