STAND. COM. REP. 2298

Honolulu, Hawaii

, 2004

RE: S.B. No. 2866

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committees on Science, Arts, and Technology and Economic Development, to which was referred S.B. No. 2866 entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII STRATEGIC DEVELOPMENT CORPORATION,"

beg leave to report as follows:

The purpose of this measure is to restore the Hawaii Strategic Development Corporation Revolving Fund and make an appropriation to the Hawaii Strategic Development Corporation to invest in various venture capital partnerships.

The Department of Business, Economic Development, and Tourism, the Hawaii Technology Trade Association, the Hawaii Venture Capital Association, and the High Technology Development Corporation testified in support of the measure.

Restoring the Hawaii Strategic Development Corporation Revolving Fund will make available much needed investment capital for Hawaii's entrepreneurs and small businesses. Further, by placing the Hawaii Strategic Development Corporation Revolving Fund under the auspices of the Hawaii Strategic Development Corporation, it will ensure that these funds are managed efficiently and with a rate of return that exceeds the State's initial investment.

Your Committees have amended the bill to designate the Department of Business, Economic Development, and Tourism as the expending agency in place of the Hawaii Strategic Development Corporation.

As affirmed by the records of votes of the members of your Committees on Science, Arts, and Technology and Economic Development that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 2866, as amended herein, and recommend that it pass Second Reading in the form attached hereto as S.B. No. 2866, S.D. 1, and be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committees on Science, Arts, and Technology and Economic Development,

____________________________

CAROL FUKUNAGA, Chair

____________________________

DAVID Y. IGE, Chair