STAND. COM. REP. NO.  364-10

Honolulu, Hawaii

                , 2010

RE:   H.B. No. 2831

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

Sir:

     Your Committee on Economic Revitalization, Business, & Military Affairs, to which was referred H.B. No. 2831 entitled:

"A BILL FOR AN ACT RELATING TO THE NATURAL ENERGY LABORATORY OF HAWAII AUTHORITY,"

begs leave to report as follows:

     The purpose of this bill is to expand the financial resources of the Natural Energy Laboratory of Hawaii Authority (NELHA) by authorizing NELHA to acquire, hold, and sell qualified securities, and to accept donations of money, property, and services.

     NELHA testified in support of this bill.

     Your Committee has amended this bill by:

     (1)  Requiring the detailing of the acquisition and sale of qualified securities in the annual report of the NELHA Board of Directors;

     (2)  Changing the effective date to January 1, 2112; and

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

     As affirmed by the record of votes of the members of your Committee on Economic Revitalization, Business, & Military Affairs that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2831, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2831, H.D. 1, and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Economic Revitalization, Business, & Military Affairs,

____________________________

ANGUS L.K. MCKELVEY, Chair