Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Education, to which was referred H.B. No. 939 entitled:

begs leave to report as follows:

The purpose of this bill is to authorize the issuance of special purpose revenue bonds in an amount not to exceed $5,000,000 to assist Hoala School in financing the construction and improvement of its educational facilities.

Your Committee received testimony in support of this bill from the Hawaii Business Roundtable, Pacific Resource Partnership, Hawaii Association of Independent Schools, Hoala School, and an individudal.

Your Committee finds that the public interest is served by providing the youth of the State with quality educational services, which cannot be delivered effectively without a safe and appealing physical environment. In addition, these costs will not be borne by the State. Pursuant to the authorizing legislation, Act 257, Session Laws of Hawaii 2002, and the constitutional amendment approved by the voters, the bonds are not a general obligation of the State, and the schools are unconditionally obligated to pay the principal and interest.

As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 939 and recommends that it pass Second Reading and be referred to the Committee on Finance.