STAND. COM. REP. NO.  564-16

Honolulu, Hawaii

                , 2016

RE:   H.B. No. 2198

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2016

State of Hawaii

Sir:

     Your Committee on Water & Land, to which was referred H.B. No. 2198 entitled:

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

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds to provide financing to assist West Maui Investors, LLC, with two Ukumehame reservoirs.

     The Department of Land and Natural Resources provided testimony in support of this measure.  An individual provided testimony in opposition.  The Department of the Attorney General and Department of Budget and Finance provided comments.

     Your Committee has amended this measure by authorizing the issuance of the special purpose revenue bonds pursuant to House Bill No. 2058 (2016), not Act 147, Session Laws of Hawaii 2012.

     As affirmed by the record of votes of the members of your Committee on Water & Land that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2198, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2198, H.D. 1, and be referred to your Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Water & Land,

____________________________

RYAN I. YAMANE, Chair