STAND. COM. REP. NO.  860

Honolulu, Hawaii

                , 2009

RE:   H.B. No. 427

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 427, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST ONE PLANET PACIFIC ENERGY, LLC, A PROCESSING ENTERPRISE,"

begs leave to report as follows:

     The purpose of this bill is to encourage the development of alternative energy and renewable fuel technologies by authorizing the issuance of $40,000,000 in special purpose revenue bonds for One Planet Pacific Energy, LLC, to build a gasification facility adjoining the construction and demolition material solid waste landfill located in Nanakuli on the island of Oahu.

     One Planet Pacific Energy, LLC, supported this bill.  The Department of Budget and Finance provided comments.

     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. 427, H.D. 1, and recommends that it pass Third Reading.

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

____________________________

MARCUS R. OSHIRO, Chair