STAND. COM. REP. NO. 3051

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 40

       H.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 40, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO STATE BONDS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to repeal Act 112, Session Laws of Hawaii 2009, that authorized the issuance of special purpose revenue bonds to assist Carbon Diversion Inc.

 

     Your Committee finds that after the enactment of Act 112, Carbon Diversion Inc. experienced a change in ownership.  Your Committee also finds that the United States Securities and Exchange Commission investigated the new owners and subsequently filed a complaint against them in the United States District Court for the District of Colorado.  Under these circumstances, your Committee believes that a repeal of the authority to issue special purpose revenue bonds to Carbon Diversion Inc. is warranted.

 

     The written comments may be reviewed on the Legislature's website.

 

     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 H.B. No. 40, H.D. 1, and recommends that it pass Third Reading.

 

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

 

 

 

____________________________

DONNA MERCADO KIM, Chair