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. 939 entitled:

begs leave to report as follows:

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

Specifically, this bill authorizes the issuance of special purpose revenue bonds in an amount not to exceed $5,000,000 the proceeds of which are to be used to make various improvements to Hoala School in Wahiawa, Oahu.

Act 257, Session Laws of Hawaii 2002, authorized the issuance of special purpose revenue bonds for improvement projects for not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities serving the general public.

Hoala School is an independent nonsectarian school serving the public currently with one hundred thirty-one students from kindergarten through the twelfth grade, principally from the North Shore and Central and Leeward Oahu. The immediate needs of Hoala School are infrastructural and structural improvements to implement its master plan for the school.

Your Committee finds that the proposal to issue special purpose revenue bonds to assist Hoala School meets the purpose and intent of Act 257, Session Laws of Hawaii 2002.

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. 939, and recommends that it pass Third Reading.