STAND. COM. REP. NO. 1091

Honolulu, Hawaii

RE:    H.B. No. 423

       H.D. 1

       S.D. 1

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B. No. 423, H.D. 1, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize issuance of special purpose revenue bonds in a total amount not to exceed $40,000,000 for Carbon Bio-Engineers, Inc., or a partnership in which Carbon Bio-Engineers, Inc. is a general partner, for development of non-fossil fuel energy production.

     Your Committee received comments in support of this measure from Dante Carpenter, Secretary of the Board of Directors, Carbon Bio-Engineers, Inc.

     Your Committee received comments on this measure from Kalbert K. Young, Director, Department of Budget and Finance

     Your Committee finds that this measure will ultimately result in lessened dependency on fossil fuels, a decreased use of landfills, and reduced transportation and disposal costs, and indirectly provide lower priced electrical energy to the grid through local distributed generation.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 423, H.D. 1, S.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

DAVID Y. IGE, Chair