STAND. COM. REP. NO. 2652

Honolulu, Hawaii

RE:    S.B. No. 2434

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Madam:

     Your Committees on Economic Development and Taxation and Tourism and Government Operations, to which was referred S.B. No. 2434 entitled:

"A BILL FOR AN ACT RELATING TO THE STADIUM AUTHORITY,"

beg leave to report as follows:

     The purpose of this measure is to:

     (1)  Increase the membership of the Stadium Authority to eleven members, with nine voting members;

     (2)  Clarify that of the nine voting members, the Governor shall appoint three members directly, appoint three from a list of nominees submitted by the President of the Senate, and appoint three from a list of nominees submitted by the Speaker of the House of Representatives; and

     (3)  Determine the procedures for the appointments made to fill vacancies.

     Testimony in opposition to this measure was submitted by the Department of Accounting and General Services.

     Your Committees find that the June 30, 2007, Financial Statements of the Stadium Authority list net assets at the end of the fiscal year at $48,529,995, with $41,162,852 in capital assets.  This is a considerable capital resource for the State, and given the aging of the structure, one that will require equally significant fiscal decisions by the Legislature in the near future.  This measure would ensure legislative participation in the selection of the best possible nominees to be appointed as members of the Stadium Authority.

     As affirmed by the records of votes of the members of your Committees on Economic Development and Taxation and Tourism and Government Operations that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 2434 and recommend that it pass Second Reading and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committees on Economic Development and Taxation and Tourism and Government Operations,

____________________________ CLARENCE K. NISHIHARA, Chair

____________________________ CAROL FUKUNAGA, Chair