STAND. COM. REP. NO. 675

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 91

       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 S.B. No. 91, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO COMMUNITY-BASED ECONOMIC DEVELOPMENT,"

 

begs leave to report as follows:

 

     The purpose of this measure is to authorize the Hawaii community-based economic development revolving fund to receive funding from any source.

 

     This measure also reduces the maximum outstanding balance amount and interest rates for loans received from $500,000 to $250,000 and amends the definition of "community of interest" to allow for broader representation of persons who share a common economic interest, but do not necessarily live in the same geographic region.

 

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

 

     Your Committee finds that this measure will allow community‑based organizations in the State to keep pace with the changing economy to meet the challenges of the most distressed communities, by authorizing the Hawaii community-based economic development revolving fund to receive moneys from sources other than the general fund.

 

     Your Committee has amended this measure by:

 

(1)  Adding a new section 5 to the measure to make a conforming amendment to section 210D‑9, Hawaii Revised Statutes, to reflect the change in maximum loan amount, and by appropriately renumbering the remaining sections of the measure;

 

(2)  Changing the maximum amount of a loan and outstanding loan balance to unspecified amounts;

 

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

 

(4)  Making technical nonsubstantive amendments for the purpose 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. 91, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 91, S.D. 2.

 

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

 

 

 

____________________________

DONNA MERCADO KIM, Chair