Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 2538, S.D. 1, H.D. 1, entitled:

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

The purpose of this measure is to authorize the issuance of $30,000,000 in special purpose revenue bonds to assist Iolani School, a not-for-profit private elementary and secondary school, to finance and refinance the planning, construction, and improvement of its educational facilities in the State.

Your Committee finds that the issuance of special purpose revenue bonds serves a valuable public purpose by making much-needed educational facilities available to the students of Hawaii.

Your Committee has amended the measure by making the measure effective upon approval.

As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 2538, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 2538, S.D. 1, H.D. 1, C.D. 1.