STAND. COM. REP. NO.  1095

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 1222

      H.D. 2

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1222, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO LOANS FOR AGRICULTURAL AND AQUACULTURE PURPOSES,"

 

begs leave to report as follows:

 

     The purpose of this bill is to improve efforts to assist aquacultural businesses and streamline the Aquaculture Loan Program (Program) by, among other things:

 

     (1)  Establishing class E loans for new aquaculturists;

 

     (2)  Raising the loan ceilings on class A and class B aquaculture loans to $800,000;

 

     (3)  Conforming Program requirements more closely to those of the Agriculture Loan Program by allowing a qualified aquaculturist to obtain a loan under the Program if two, instead of three, lenders deny credit;

 

     (4)  Repealing the Aquaculture Loan Revolving Fund and making the Agricultural Loan Revolving Fund the funding source for aquacultural loans; and


 

     (5)  Requiring the Director of Finance to increase the budget expenditure ceiling of the Agricultural Loan Revolving Fund by the amount of the budget expenditure ceiling of the Aquaculture Loan Revolving Fund.

 

     The Department of Agriculture, University of Hawaii Sea Grant College Program, and Hawaii Aquaculture Association testified in support of this bill.  The Hawaii Agriculture Research Center supported the intent of this measure.

 

     Your Committee has amended this bill by making technical, nonsubstantive amendments for clarity, consistency, and style.

 

     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 H.B. No. 1222, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1222, H.D. 2.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair