Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2815 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the Director of Finance to issue general obligation bonds to allow the Department of Education to finance its statewide projects under the federal Qualified Zone Academy Bonds program.

Your Committee finds that the federal Qualified Zone Academy Bonds program allows eligible schools to raise funds to renovate and repair buildings, invest in equipment and current technology, develop challenging criteria, and train quality teachers. Accordingly, participation in the program will bring federal funds into the State and expand the State's economy while improving the educational system.

Your Committee has amended this measure by changing the appropriation figure from a blank amount to $1 and the effective date from July 1, 2004, to July 1, 2044, in order to promote continued discussion of the matter.

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. 2815, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2815, S.D. 1.