CONFERENCE COMMITTEE REP. 41-04

Honolulu, Hawaii

, 2004

RE: H.B. No. 2739

H.D. 1

S.D. 2

C.D. 1

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 2739, H.D. 1, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS BY THE HIGH TECHNOLOGY DEVELOPMENT CORPORATION,"

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

The purpose of this bill is to authorize the High Technology Development Corporation (HTDC) to issue up to $100,000,000 in special purpose revenue bonds to assist Townsend Capital, LLC, in constructing wet lab space and a biotech incubator near the University of Hawaii medical school in Kakaako.

Upon review of the appropriate statutory requirements for bond issuance through HTDC, your Committee on Conference has amended this measure by:

(1) Correcting the statutory authorization for issuing these special purpose revenue bonds from part V, chapter 39A, Hawaii Revised Statutes (HRS), to part I, chapter 206M, HRS;

(2) More comprehensively describing the uses for this issuance to include acquisition, improvement, installation, equipping, and development of land, buildings, and other improvements relating to the wet lab space and the biotech incubator;

(3) Specifically referencing the appropriate constitutional provisions relevant to this issuance;

(4) Deleting language specific to the issuance of tax-exempt refunding bonds to allow for flexibility in the issuance to Townsend Capital, LLC;

(5) Specifying that Townsend Capital, LLC, is a Maryland limited liability company;

(6) Changing the effective date to upon its approval; and

(7) Making technical, nonsubstantive amendments for clarity and style.

As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 2739, H.D. 1, S.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 2739, H.D. 1, S.D. 2, C.D. 1.

Respectfully submitted on behalf of the managers:

ON THE PART OF THE SENATE

ON THE PART OF THE HOUSE

____________________________

DAVID Y. IGE, Co-Chair

____________________________

BOB NAKASONE, Chair

____________________________

BRIAN T. TANIGUCHI, Co-Chair