STAND. COM. REP. NO.  267-08

Honolulu, Hawaii

                , 2008

RE:   H.B. No. 3022

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Water, Land, Ocean Resources & Hawaiian Affairs, to which was referred H.B. No. 3022 entitled:

"A BILL FOR AN ACT PROPOSING AMENDMENTS TO ARTICLE VII, SECTIONS 12 AND 13, OF THE CONSTITUTION OF THE STATE OF HAWAII RELATING TO TAX INCREMENT BONDS,"

begs leave to report as follows:

     The purpose of this bill is to propose an amendment to the Hawaii Constitution to provide that the Legislature may authorize the counties to issue tax increment bonds.

     The City and County of Honolulu Department of Planning and Permitting and the Council Chair of the Maui County Council testified in support of this bill.

     Your Committee finds that the adoption of this constitutional amendment will allow the counties to use the laws relating to tax increment financing to raise revenues, which has been done in other cities with success.

     As affirmed by the record of votes of the members of your Committee on Water, Land, Ocean Resources & Hawaiian Affairs that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 3022 and recommends that it pass Second Reading and be referred to the Committee on Judiciary.

Respectfully submitted on behalf of the members of the Committee on Water, Land, Ocean Resources & Hawaiian Affairs,

____________________________

KEN ITO, Chair