Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 1564 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds for Chaminade University.

Your Committee finds that this measure will allow for the issuance of special purpose revenue bonds to provide $10,000,000 for Chaminade University to undertake a variety of campus projects, with priority given to remodel and refurnish student housing, and secondarily to finance an expansion and renovation of classrooms and laboratories that support mathematics and the natural sciences.

Your Committee further finds that the recent amendment to the Hawaii Constitution to allow for the issuance of special purpose revenue bonds for private school construction and renovation will allow Chaminade University to make substantial improvements that will benefit not only the University's student body but the entire community.

Your Committee finds and determines that the planning, acquisition, construction, and improvement of Chaminade University's educational facilities and the furnishing thereof constitute a "project" as defined in or pursuant to Act 257, Session Laws of Hawaii 2002, and that the financing thereof is assistance to a not-for-profit private sectarian university that serves the general public.

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 H.B. No. 1564, and recommends that it pass Third Reading.