STAND. COM. REP. NO.1226

Honolulu, Hawaii

, 2001

RE: H.B. No. 1309

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committees on Water, Land, Energy and Environment and Economic Development and Technology, to which was referred H.B. No. 1309 entitled:

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

beg leave to report as follows:

The purpose of this measure, as received, is to amend the amount authorized and the issuance date of the special purpose revenue bonds for Rickmar Properties, Inc.

Your Committees circulated a proposed S.B. No. 1309, S.D. 1, which authorizes issuance of up to $10,000,000 in special purpose revenue bonds for Science and Technology International, to relocate and construct a new facility in Kakaako.

The Department of Business, Economic Development, and Tourism, Department of Budget and Finance, and Science and Technology International (STI), submitted comments.

Your Committees find that STI is a pioneer of hyperspectral imagery, or the use of multiple colors to find objects. The technology is used in detection of submarines. Recently, STI proposed to the U.S. Congress a submarine collision avoidance system using STI's sophisticated camera system on the bow of submarines, and which hopefully would prevent another tragedy like the Ehime Maru.

Your Committees further find that STI has several federal contracts, and has completed phase one of Food and Drug Administration trials at Tripler Army Medical Center, using the technology to create the first non-invasive approach to detecting cancer.

Your Committees are supportive of the innovative work done by STI and believes the special purpose revenue bond request would be a prudent investment. Your Committees have amended the proposed Senate draft of this measure to delete the reference to Kakaako, as STI has indicated the company is willing to consider other locations.

As affirmed by the records of votes of the members of your Committees on Water, Land, Energy and Environment and Economic Development and Technology that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 1309, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 1309, S.D. 1, and be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committees on Water, Land, Energy and Environment and Economic Development and Technology,

____________________________

ROD TAM, Chair

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LORRAINE R. INOUYE, Chair