STAND. COM. REP. NO. 1489

Honolulu, Hawaii

RE:    H.B. No. 1931

       S.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 1931 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR PROJECTS ON THE ISLAND OF HAWAII,"

begs leave to report as follows:

     The purpose of this measure is to extend from June 30, 2007, to June 30, 2011, the lapse date for the authorization to issue special purpose revenue bonds to assist Hui ‘Enekinia Hawai‘i, an industrial enterprise.

     Your Committee received comments in support of the measure from two principals of Hui ‘Enekinia Hawai‘i.

     Your Committee finds that Hui ‘Enekinia Hawai‘i remains engaged in the development of a cogeneration facility project that will sell electric energy to electric utilities that serve the public.  It also plans to sell thermal fluids that it produces to existing and planned manufacturing and processing entrepreneurs in the area.  Your Committee also finds that it is in the public interest to encourage the development of such cogeneration facilities.

     Your Committee has amended the measure by making a conforming amendment to Act 263, Session Laws of Hawaii 1993, to also extend to June 30, 2011, the date subsequent to which the Department of Budget and Finance is authorized to issue refunding special purpose revenue bonds.

     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. 1931, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1931, S.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

ROSALYN H. BAKER, Chair