STAND. COM. REP. NO. 2893

Honolulu, Hawaii

RE: S.B. No. 2865

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2865, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST DIBSHAWAII 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 DIBSHawaii LLC in constructing a net-zero carbon capture storage utilization platform to recover vented carbon dioxide emissions and scrub and liquify the emissions into food grade liquid carbon dioxide.

Your Committee received written comments in support of this measure from the Department of Hawaiian Home Lands, Hawaii State Energy Office, DIBShawaii LLC, Green Party Hawaii, Hydroponics Alternatives LLC, Ohana Hui Ventures, and numerous individuals.

Your Committee received written comments on this measure from the Department of Budget and Finance.

Your Committee finds that the food grade liquid carbon dioxide produced by DIBSHawaii LLC's proposed net-zero carbon capture storage utilization platform will be used for agriculture, energy, and carbon storage to support the State's food security and resilience goals.

Your Committee has amended this measure by:

(1) Changing the authorization amount of special purpose revenue bonds from $40,000,000 to an unspecified amount;

(2) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

(3) Making technical nonsubstantive changes for purposes of clarity, consistency, and style.

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. 2865, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2865, S.D. 2.

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

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DONOVAN M. DELA CRUZ, Chair