CONFERENCE COMMITTEE REP. NO. 1-02
Honolulu, Hawaii
, 2002
RE: H.B. No. 2848
H.D. 1
S.D. 2
C.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Sir:
Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 2848, H.D. 1, S.D. 2, entitled:
"A BILL FOR AN ACT PROPOSING AMENDMENTS TO ARTICLE VII, SECTION 12, AND ARTICLE X, SECTION 1, OF THE CONSTITUTION OF THE STATE OF HAWAII TO AUTHORIZE THE STATE TO ISSUE SPECIAL PURPOSE REVENUE BONDS AND USE THE PROCEEDS FROM THE BONDS TO ASSIST NOT-FOR-PROFIT PRIVATE ELEMENTARY SCHOOLS, SECONDARY SCHOOLS, COLLEGES, AND UNIVERSITIES,"
having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.
The purpose of this bill is to propose amendments to the State Constitution that:
(1) Authorize the State to issue Special Purpose Revenue Bonds (SPRBs) to assist not-for-profit private elementary schools, secondary schools, colleges, and universities; and
(2) Authorize the State and its political subdivisions to combine into a single issue, two or more separately authorized proposed issues of SPRBs in an amount not to exceed the combined total of the proposed separate SPRB issues.
Your Committee on Conference finds that regardless of whether a student chooses to attend a public or private school, the mission of the State is to ensure that all students in Hawaii receive an effective education. This bill allows private schools within the State to make use of the financial advantages provided by funding construction work through SPRBs.
This bill also provides for "bond pooling" which will allow separate issues of SPRBs to be combined, which could help reduce the costs of issuing these bonds and allow smaller entities to combine their financial resources in obtaining funding for their respective construction needs.
However, your Committee on Conference also notes that because the "bond pooling" provisions of this bill are generalized and not restricted to SPRBs issued to assist private educational institutions, these provisions fall outside of the scope of the bill's title. Additionally the bond pooling provisions are applicable to political subdivisions of the State which also falls outside of the scope of the bill's title.
Accordingly, your Committee on Conference has amended this bill by:
(1) Restricting the "bond pooling" provisions to apply only to SPRBs issued by the State to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities; and
(2) Changing the constitutional question to read: "Shall the State be authorized to issue special purpose revenue bonds and use the proceeds from the bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities; and to combine into a single issue of special purpose revenue bonds two or more proposed issues of special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities, separately authorized, in a total amount not exceeding the aggregate of the proposed separate issues of special purpose revenue bonds?"
As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 2848, H.D. 1, S.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 2848, H.D. 1, S.D. 2, C.D. 1.
Respectfully submitted on behalf of the managers:
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ON THE PART OF THE SENATE |
ON THE PART OF THE HOUSE |
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____________________________ NORMAN SAKAMOTO, Chair |
____________________________ KEN ITO, Co-Chair |
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____________________________ BRIAN KANNO, Co-Chair |
____________________________ ROY TAKUMI, Co-Chair |
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____________________________ BRIAN T. TANIGUCHI, Co-Chair |
____________________________ ERIC G. HAMAKAWA, Co-Chair |
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____________________________ NATHAN SUZUKI, Co-Chair |