Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

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

begs leave to report as follows:

The purpose of this bill is to enable Hoala School to provide a better educational environment for its students by authorizing the issuance of special purpose revenue bonds in an amount not to exceed $5,000,000 to finance infrastructure improvements.

Hoala School, the Hawaii Association of Independent Schools, and many parents and employees testified in support of this measure.

Located in Wahiawa, Oahu, Hoala School is an independent, non-sectarian school (K-12) with 131 students and 20 teachers and staff that serves the North Shore as well as Central and Leeward Oahu. The requested financing will help Hoala School to develop a master plan as well as construct classrooms, an art center, and offices.

As affirmed by the record of votes of the members of your Committee on Finance 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 Third Reading.