STAND. COM. REP. NO. 3512

Honolulu, Hawaii

RE:    H.B. No. 2669

       H.D. 1

       S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2016

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B. No. 2669, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST TRUTAG TECHNOLOGIES, INC.,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the issuance of an unspecified amount of special purpose revenue bonds to assist TruTag Technologies, Inc., in a manufacturing enterprise.

     Your Committee received written comments in support of this measure from TruTag Technologies, Inc.; Chamber of Commerce Hawaii; and three individuals.  Your Committee received comments on this measure from the Department of Budget and Finance.

     Your Committee finds that the proceeds from the sale of special purpose revenue bonds will be used to finance or refinance the planning, construction, improvement, and equipping of the manufacturing facilities of TruTag Technologies, Inc., in Hawaii.  Your Committee further finds that the issuance of these special purpose revenue bonds for a manufacturing enterprise is in the public interest and will benefit the public health, safety, and general welfare.

     Your Committee has amended this measure by changing:

     (1)  The amount of the bonds authorized to be issued from an unspecified amount to $15,000,000, which is the amount authorized in the original version of the measure; and

     (2)  The effective date to July 1, 2016.

     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. 2669, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2669, H.D. 1, S.D. 1.

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

________________________________

JILL N. TOKUDA, Chair