STAND. COM. REP. NO.  1596

 

Honolulu, Hawaii

                , 2015

 

RE:   S.B. No. 521

      S.D. 1

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred S.B. No. 521, S.D. 1, entitled:

 

"A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO WAIMEA NUI COMMUNITY DEVELOPMENT CORPORATION,"

 

begs leave to report as follows:

 

     The purpose of this measure to authorize the issuance of up to $45,000,000 in special purpose revenue bonds to assist Waimea Nui Community Development Corporation and its not-for-profit affiliates to finance, refinance, and reimburse costs related to the planning, acquisition, and construction of its agriculture, renewable energy, and educational facilities.   

 

     Waimea Nui Community Development Corporation and Hawaii Farm Bureau provided testimony in support of this measure.  The Department of Budget and Finance provided comments.  

 

     Your Committee has amended this measure by:

 

     (1)  Changing its effective date to July 1, 2030, to encourage further discussion; and

 

     (2)  Making a technical, nonsubstantive amendment for style, clarity, and consistency.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 521, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 521, S.D. 1, H.D. 1.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

 

 

____________________________

SYLVIA LUKE, Chair