STAND. COM. REP. NO. 403
RE: S.B. No. 715
Honorable Ronald D. Kouchi
President of the Senate
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Your Committee on Ways and Means, to which was referred S.B. No. 715, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST PUEO DEVELOPMENT, LLC,"
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 Pueo Development, LLC, a Hawaii limited liability company, with designing, building, and operating a master planned development on lands under the jurisdiction of the Department of Hawaiian Home Lands.
Your Committee received written comments in support of this measure from the Department of Hawaiian Home Lands; Pueo Development, LLC; Waiohuli Economic Development Opportunities; the Hawaiian Affairs Caucus of the Democratic Party of Hawaii; and two individuals.
Your Committee received written comments on this measure from the Department of Budget and Finance.
Your Committee finds that assisting Pueo Development by issuing special purpose revenue bonds will provide the public with the benefits of a master planned community without investment or operational risk to the State or counties.
Your Committee has amended this measure by:
(1) Changing the authorized amount of the special purpose revenue bonds from $80,000,000 to an unspecified sum; and
(2) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 715, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 715, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DONOVAN M. DELA CRUZ, Chair