STAND. COM. REP. NO. 750

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1153

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1153 entitled:

 

"A BILL FOR AN ACT RELATING TO AGRICULTURAL LOANS,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to provide affordable capital for new farmers by:

 

     (1)  Reducing the new farmer program loan interest rate;

 

     (2)  Increasing the program's loan limits;

 

     (3)  Reducing the number of credit denials required to qualify for the program; and

 

     (4)  Appropriating funds for the program.

 

     Your Committee received comments on this measure from Russell Kokubun, Chairperson, Department of Agriculture.

 

     Your Committee finds that supporting the development of new farms is necessary for the State to meet its sustainability goals and become more self-reliant in food production.

 

     Your Committee has amended this measure by:

 

     (1)  Changing the interest rate on class "F" loans to an unspecified percentage below the prime rate;

 

     (2)  Changing the maximum loan to an unspecified amount;

 

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

 

     (4)  Making technical, nonsubstantive changes for the purposes 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. 1153, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1153, S.D. 1.

 

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

 

 

 

____________________________

DAVID Y. IGE, Chair