Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Higher Education, to which was referred H.B. No. 1564 entitled:

begs leave to report as follows:

The purpose of this bill is to enable Chaminade University of Honolulu (Chaminade University) to finance a variety of campus projects at low interest rates by authorizing the issuance of $10,000,000 in special purpose revenue bonds to assist that university.

Chaminade University and the Hawaii Association of Independent Schools testified in support of this measure.

In November of 2002, 60 percent of the voters approved a constitutional amendment that allows the State to issue special purpose revenue bonds for private school construction and renovation.

The financing provided in this bill will be used to acquire, remodel, and refurnish student housing as well as expand and renovate offices, classrooms, and laboratories that support the mathematics and natural science programs.

As affirmed by the record of votes of the members of your Committee on Higher Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1564 and recommends that it pass Second Reading and be referred to the Committee on Finance.