STAND. COM. REP. NO. 288

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 709

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Agriculture, to which was referred S.B. No. 709 entitled:

 

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

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to:

 

     (1)  Increase the Agribusiness Development Corporation's limit on investments in qualified securities of any one enterprise from $500,000 to $3,000,000; and

 

     (2)  Allow more than $3,000,000 to be invested in the securities of any one enterprise if the Corporation finds, after its initial investment, that additional investments in that enterprise are required to protect the initial investment of the Corporation.

 

     Your Committee received testimony in support of this measure from the Agribusiness Development Corporation and Hawaii Cattlemen's Council.

 

     Your Committee finds that this measure will authorize the Agribusiness Development Corporation to make grants and loans and to provide other monetary forms of assistance to carry out its mission.  Among other things, this measure will provide struggling farmers with the needed capital to improve and modernize facilities to meet food safety standards and improve self-sufficiency.

 

     As affirmed by the record of votes of the members of your Committee on Agriculture that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 709 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.

 

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

 

		____________________________ CLARENCE K. NISHIHARA, Chair