STAND. COM. REP. NO. 1069

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 718
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
718 entitled: 

     "A BILL FOR AN ACT RELATING TO THE HAWAII COMMUNITY
     DEVELOPMENT AUTHORITY,"

begs leave to report as follows:

     The purpose of this bill is to enhance the Hawaii Community
Development Authority's (HCDA) capabilities to implement its
redevelopment objectives, including development of the Kakaako
Makai Area, by:

     (1)  Consolidating HCDA's three separate bonding
          capabilities -- district-wide improvement bonds,
          reserved housing loan bonds, and public facilities
          revenue bonds -- into one new comprehensive bonding
          capability;

     (2)  Authorizing the issuance of $250,000,000 in revenue
          bonds for the purposes set forth under HCDA's powers;
          and

     (3)  Authorizing the issuance of revenue bonds to assist the
          Food Distribution Center (Center) in its relocation
          from the Kakaako Community Development District.

     HCDA testified in support of the intent of this measure.
The Departments of Budget and Finance and Taxation commented on
this measure.

 
 
                                 STAND. COM. REP. NO. 1069
                                 Page 2

 
     Your Committee has amended this measure by:

     (1)  Authorizing the issuance of $10 million in revenue
          bonds and appropriating the sum to assist the Center in
          its relocation; and

     (2)  Making technical, nonsubstantive amendments for clarity
          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.
718, as amended herein, and recommends that it pass Third Reading
in the form attached hereto as H.B. No. 718, H.D. 1.

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



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair