Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Economic Development & Business Concerns, to which was referred H.B. No. 3077 entitled:

begs leave to report as follows:

The purpose of this bill is to increase affordable housing in the state by authorizing the issuance of up to $15,000,000 in special purpose revenue bonds for Rosette Steel Hawaii to manufacture steel products for affordable housing development.

Rosette Steel Hawaii, LLC, testified in support of this bill. The Department of Budget and Finance offered comments.

Your Committee notes that although this bill refers to "Rosette Steel Hawaii," the proper name of the company is "Rosette Steel Hawaii, LLC" and respectfully requests your Committee on Finance to correct this oversight.

As affirmed by the record of votes of the members of your Committee on Economic Development & Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 3077 and recommends that it pass Second Reading and be referred to the Committee on Finance.