STAND. COM. REP. NO.  1004-08

Honolulu, Hawaii

                , 2008

RE:   H.B. No. 2168

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 2168 entitled:

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

begs leave to report as follows:

     The purpose of this bill is to reduce the state's dependence on fossil fuels for energy production and encourage the use of hydrogen as a source of electricity and transportation fuel by authorizing the issuance of special purpose revenue bonds in an amount not to exceed $50,000,000 to assist H2 Technologies, Inc., to construct on the island of Hawaii:

(1)  A hydrogen generation appliance research, development, and manufacturing facility and laboratory; and

(2)  A gasoline- or diesel-to-hydrogen automobile conversion garage.

     The High Technology Development Corporation, Hawaii Island Economic Development Board, H2 Technologies, Inc., Kona Brewing Company, Kikaha Group Inc., and several concerned individuals supported this bill. 

     Your Committee has amended this bill by:

(1)  Changing the effective date to July 1, 2008; and

(2)  Making technical, nonsubstantive amendments for style, clarity, and consistency.

     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 H.B. No. 2168, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2168, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair