Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Education, to which was referred S.B. No. 395 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds to assist Ho'ala School in the financing or re-financing of improvements to school facilities.

Testimony in support of this measure was submitted by the Hawaii Association of Independent Schools and Ho'ala School. The Department of Budget and Finance submitted comments on this measure.

Your Committee finds that the Ho'ala School is an independent, non-sectarian school serving kindergarten through grade 12 students residing on the North Shore as well as central and leeward Oahu. Your Committee further finds that this bond authorization will assist Ho'ala School in making improvements to support their existing four classroom structure and in constructing additional new facilities.

Your Committee has amended this measure by inserting provisions that allow the Department of Budget and Finance to issue a series of bonds for multiple projects or to combine single issues separately authorized, provided that the total amount of the issue does not exceed the aggregate amount authorized by law.

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 S.B. No. 395, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 395, S.D. 1, and be referred to the Committee on Ways and Means.