Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committees on Higher Education and Human Services and Housing, to which was referred H.B. No. 2256 entitled:

beg leave to report as follows:

The purpose of this bill is to authorize the Housing and Community Development Corporation of Hawaii to issue revenue bonds in the amount of $15,000,000 for a student housing and mixed use project at the site of the Atherton Young Men's Christian Association (YMCA) building on University Avenue.

The University of Hawaii (UH) and the YMCA Charles H. Atherton Branch submitted testimony in support of this measure. The Department of Budget and Finance recommended specifying the general law under which the bonds are to be issued. The Office of the Governor suggested that it may be appropriate for UH to issue the private activity bonds.

As affirmed by the records of votes of the members of your Committees on Higher Education and Human Services and Housing that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 2256 and recommend that it pass Second Reading and be referred to the Committee on Finance.