STAND. COM. REP. NO. 1294-18

Honolulu, Hawaii

, 2018

RE: S.B. No. 2703

S.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Economic Development & Business, to which was referred S.B. No. 2703, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST SPINLAUNCH,"

begs leave to report as follows:

The purpose of this measure is to continue to diversify and develop Hawaii's economy, particularly with regard to the space industry, by authorizing the issuance of special purpose revenue bonds to assist SpinLaunch, Inc., with the financing, planning, design, and construction of a small satellite launch system.

The Pacific International Space Center for Exploration Systems, SpinLaunch Inc., Engineering Space, Oahu County Committee on Legislative Priorities of the Democratic Party of Hawai‘i, Hawaii Island Economic Development Board, and two concerned individuals testified in support of this measure. The Department of Budget and Finance and a concerned individual provided comments.

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. 2703, S.D. 1, 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,

____________________________

CINDY EVANS, Chair