STAND. COM. REP. NO. 2547

Honolulu, Hawaii

RE:    S.B. No. 2857

       S.D. 1

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B. No. 2857, S.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 and intent of this measure is to authorize the Department of Budget and Finance to issue special purpose revenue bonds and use the proceeds from the bonds to assist dam and reservoir owners.

     Your Committee finds that reservoirs and dams are essential to the State's water resource infrastructure, especially for farms and ranches in times of little or no rainfall.  This measure will assist dam and reservoir owners by providing the economic means necessary to bring their facilities up to current safety standards.

     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 S.B. No. 2857, 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