SB2392 SD2 SSCR2705

 

STAND. COM. REP. 2705

Honolulu, Hawaii

, 2004

RE: S.B. No. 2392

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2392, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HIGH TECHNOLOGY INDUSTRIAL ENTERPRISES,"

begs leave to report as follows:

The purpose of this measure is to authorize the High Technology Development Corporation to issue special purpose revenue bonds to assist Electricore, Inc. in developing and producing unmanned vehicle systems and unmanned aerial vehicles.

Aerovironment Hawaii, Inc., a subsidiary of Electricore, is a consortium of science, commercial and military partners that include the Boeing Company, which is the facilitator of the Mid-Pacific Unmanned Systems Test Center. Electricore has plans to create an area of expertise and concentration in Hawaii of emerging technologies and operational concepts with significant benefit to defense, homeland security, science, and commercial applications. An objective of Electricore is to develop and produce unmanned aerial vehicles, which are routinely used in combat and is part of the National Aeronautics and Space Administration's research on the environmental and commercial applications of unmanned aerial vehicles.

Your Committee has amended the bill by authorizing the issuance of refunding special purpose revenue bonds, and by making technical amendments for the purposes of clarity and consistency.

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. 2392, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2392, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

		____________________________ BRIAN T. TANIGUCHI, Chair