STAND. COM. REP. NO. 1042-16
Honolulu, Hawaii
, 2016
RE: S.B. No. 2506
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Eighth State Legislature
Regular Session of 2016
State of Hawaii
Sir:
Your Committee on Economic Development & Business, to which was referred S.B. No. 2506 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 of this measure is to continue the diversification of Hawaii's economy through development of the technology industry by authorizing the issuance of $15,000,000 in special purpose revenue bonds (SPRBs) for TruTag Technologies, Inc., to expand its nanotechnology manufacturing facilities in Kapolei.
TruTag Technologies, Inc., is a Hawaii based company that provides product authentification and brand protection solutions for multiple industries through the use of nanotechnology. Through the creation of unique microtags which offer a powerful product security measure, TruTag Techologies, Inc., is able to assist various industries in addressing the trillion-dollar global problem of counterfeit and diverted goods. The provision of SPRBs to TruTag Technologies, Inc., is intended for the expansion of its manufacturing facility in Kapolei to increase manufacturing capacity. Your Committee finds that the provision of SPRBs for this purpose will create jobs, increase manufacturing in Hawaii, and improve the diversification and overall health of Hawaii's economy.
As affirmed by the record of votes of the members of your Committee on Economic Development & Business that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2506 and recommends that it pass Second Reading and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Economic Development & Business,
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____________________________ DEREK S.K. KAWAKAMI, Chair |
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