STAND. COM. REP. NO. 3393

Honolulu, Hawaii

RE: S.B. No. 2908

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2908, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE PAYMENT OF DEBT SERVICE ON THE TURTLE BAY REIMBURSABLE GENERAL OBLIGATION BONDS,"

begs leave to report as follows:

The purpose and intent of this measure is to require the Board of Land and Natural Resources to pay the annual debt service on the reimbursable general obligation bonds for the Turtle Bay Conservation Easement.

Your Committee received written comments in support of this measure from the Department of Land and Natural Resources.

Your Committee finds that this measure will streamline the process for the Department to make debt service payments on the specified bonds.

Your Committee has amended this measure by changing the effective date to July 1, 2050, to facilitate further discussion on the measure.

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. 2908, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2908, S.D. 2.

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

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DONOVAN M. DELA CRUZ, Chair