STAND. COM. REP. 1485

Honolulu, Hawaii

, 2003

RE: S.B. No. 325

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 325 entitled:

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

begs leave to report as follows:

The purpose of this bill, as received by your Committee, is to authorize the issuance of $200,000,000 in special purpose revenue bonds (SPRBs) to assist The Queen's Health Systems, and its nonprofit affiliates, in financing the costs of construction, improvements, and equipment for health care facilities.

For purposes of facilitating discussion, your Committee solicited a proposed H.D. 1 for public review and comment. As proposed, S.B. No. 325, H.D. 1, would authorize the issuance of $100,000,000 in SPRBs for Jacoby Development, Inc., to finance a plasma municipal solid waste processing system on Oahu to convert solid wastes into electricity and chemically and biologically inert slag.

McCorriston Miller Mukai MacKinnon LLP and a concerned citizen supported the proposed draft. American Friends Service Committee opposed the bill, as received by your Committee, and the proposed draft. Covanta Energy offered comments on the proposed draft.

Your Committee has amended this measure, as received, by:

(1) Deleting its contents; and

(2) Authorizing the issuance of $100,000,000 in SPRBs for Geoplasma LLC to finance a plasma municipal solid waste processing system on Oahu to convert solid wastes into electricity and chemically and biologically inert slag.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 325, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 325, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Finance,

 

____________________________

DWIGHT Y. TAKAMINE, Chair