STAND. COM. REP. NO.  1005-08

Honolulu, Hawaii

                , 2008

RE:   H.B. No. 2661

      H.D. 2

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. 2661, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST INDUSTRIAL ENTERPRISES,"

begs leave to report as follows:

     The purpose of this bill is to encourage the development of renewable energy resources by authorizing the issuance of special purpose revenue bonds in an amount not to exceed $38,000,000 to assist Hui Mana 'Oma'o in establishing facilities to convert potential renewable energy resources into electrical energy for consumption by the general public.   

     The Attorney General provided comments.

     Your Committee has amended this bill by:

(1)  Changing the effective date to July 1, 2020, to encourage further discussion; 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. 2661, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2661, H.D. 2.

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

____________________________

MARCUS R. OSHIRO, Chair