STAND. COM. REP. NO. 574

Honolulu, Hawaii

RE:    S.B. No. 1255

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B. No. 1255 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO HONOKAA LAND COMPANY, LLC,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the issuance of special purpose revenue bonds in a total amount not to exceed $50,000,000 for the purpose of assisting Honokaa Land Company, LLC as an agricultural enterprise.   

     Your Committee received written comments in support of this measure from the Department of Agriculture.

     The Department of Budget and Finance and Honokaa Land Company, LLC provided written comments on the measure.

     Your Committee finds that the issuance of special purpose revenue bonds to assist Honokaa Land Company, LLC as an agricultural enterprise is in the public interest and will benefit the public health, safety, and general welfare.  Proceeds from the sale of the bonds will assist Honokaa Land Company, LLC to acquire, develop, and renovate various facilities at two sites on the island of Hawaii for agricultural purposes and enable Honokaa Land Company, LLC to convert to renewable energy.

     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. 1255 and recommends that it pass Third Reading.

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

________________________________

JILL N. TOKUDA, Chair