STAND. COM. REP. NO. 2979

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2559

       H.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

 

Sir:

 

     Your Committee on Economic Development, Tourism, and Technology, to which was referred H.B. No. 2559, H.D. 1, entitled:

 

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

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to authorize the issuance of special purpose revenue bonds to assist SpinLaunch Inc., in financing the costs of planning, design, construction, equipping, acquisition of land, and other tangible assets required for an electrically powered, kinetic launch system for small satellites.

 

     Your Committee received testimony in support of this measure from the Pacific International Space Center for Exploration Systems, Oahu County Committee on Legislative Priorities of the Democratic Party of Hawaii, Engineering Space, and three individuals.  Your Committee received comments on this measure from the Department of Budget and Finance.

 

     Your Committee finds that it is important to diversify Hawaii's economy, rather than depend solely on tourism and agriculture.  Your Committee believes that the aerospace industry has potential to be a key factor in Hawaii's economy given Hawaii's geographical location.  SpinLaunch Inc., proposes to construct an electrical small satellite launch system on the island of Hawaii, which your Committee believes to be a step toward advancing the aerospace industry in Hawaii.  This proposed project is expected to generate millions of dollars in construction project spending and create long-term technical jobs relating to the operation of the launch facility.  Accordingly, your Committee believes that the issuance of special purpose revenue bonds to assist SpinLaunch Inc., will improve the State's economy and benefit the aerospace industry.

 

     As affirmed by the record of votes of the members of your Committee on Economic Development, Tourism, and Technology that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2559, H.D. 1, and recommends that it pass Second Reading and be referred to your Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committee on Economic Development, Tourism, and Technology,

 

 

 

________________________________

GLENN WAKAI, Chair