STAND. COM. REP. NO.  866-12

Honolulu, Hawaii

                , 2012

RE:   H.B. No. 2595

      H.D. 2

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 2595, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST DAM AND RESERVOIR OWNERS,"

begs leave to report as follows:

The purpose of this measure is to authorize the State to issue special purpose revenue bonds and use the proceeds from the bonds to assist dam and reservoir owners.

The Department of Budget and Finance; the Department of Land and Natural Resources; the Department of Agriculture; Alexander & Baldwin, Inc.; Kau Farm Bureau; and the Hawaii Farm Bureau Federation supported this measure.  The Land Use Research Foundation of Hawaii commented on this measure.

     Your Committee has amended this measure by:

     (1)  Changing the effective date to July 1, 2030, for the purpose of facilitating further discussion; and

     (2)  Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

     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. 2595, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2595, H.D. 2.

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

____________________________

MARCUS R. OSHIRO, Chair