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 S.B. No. 343 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds in the total amount not to exceed $10,000,000 in one or more series to assist Chaminade University of Honolulu.

Specifically, these special purpose revenue bonds will assist Chaminade University of Honolulu to refinance, acquire, construct, and furnish its educational facilities in the State, undertake improvements to and acquire furnishings for its existing educational facilities in the State, as well as to procure the professional planning services necessary to perform these activities.

Your Committee on Education previously received testimony in support of this measure from Chaminade University, the Hawaii Association of Independent Schools, Hawaii Business Roundtable, and the Pacific Resource Partnership.

Your Committee finds that these special purpose revenue bonds are issued pursuant to Act 257, Session Laws of Hawaii 2002, relating to the issuance of special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public.

Your Committee further finds that with the recent constitutional amendments that allow the State to issue special purpose revenue bonds for private school construction and renovation, these bonds will allow Chaminade University of Honolulu to finance campus projects without relying entirely on the monetary contributions of the school's alumni, friends, and other supporters.

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 S.B. No. 343 and recommends that it pass Third Reading.