Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 2571 entitled:

begs leave to report as follows:

The purpose of this bill is to propose an amendment to the State Constitution authorizing the issuance of special purpose revenue bonds (SPRBs) to assist not-for-profit private organizations in the development of low- and moderate-income housing.

The League of Women Voters of Hawaii and the Land Use Research Foundation of Hawaii testified in support of this bill. The Housing and Community Development Corporation of Hawaii supported this measure with comments. The Administration, Department of Budget and Finance, and Hawaii Association of Realtors supported the intent of this measure.

Your Committee has amended this bill by:

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2571, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2571, H.D. 1.