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. 488 entitled:

begs leave to report as follows:

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

Specifically, this measure authorizes up to $15,000,000 in special purpose revenue bonds to be issued for the purpose of assisting Mid-Pacific Institute in financing and refinancing the planning, acquisition, construction, and improvement of its educational facilities in the State of Hawaii.

Your Committee finds and determines that the planning, acquisition, construction, and improvement of Mid-Pacific Institute's educational facilities constitutes a "project" as defined in or pursuant to Act 257, Session Laws of Hawaii 2002, and that the financing of these facilities is assistance to a not-for-profit private sectarian elementary school and secondary school 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. 488, and recommends that it pass Third Reading.