STAND. COM. REP. NO. 1264

Honolulu, Hawaii

RE:    H.B. No. 1678

       H.D. 1

       S.D. 2

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 1678, H.D. 1, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS,"

begs leave to report as follows:

     The purpose of this measure is to authorize the issuance of special purpose revenue bonds to assist LifeGrid Solutions, LLC, in constructing a biofuel refinery and research facility on Oahu.

     Your Committee received two written comments on the measure.  The written comments may be reviewed on the Legislature's website.

     Your Committee finds that this measure will promote the development of renewable, non-fossil fuel energy sources for the benefit of the State. 

     Your Committee has amended this measure by changing the effective date to July 1, 2090 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 H.B. No. 1678, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1678, H.D. 1, S.D. 2.

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

____________________________

DONNA MERCADO KIM, Chair