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 S.B. No. 2538 entitled:

begs leave to report as follows:

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

This measure authorizes the issuance of special purpose revenue bonds, pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, in a total amount not to exceed $30,000,000 to assist Iolani School, in the planning, construction, and improvement of its facilities.

Your Committee finds that the financing of the project contemplated in this measure constitutes assistance to not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public.

Your Committee has made technical nonsubstantive changes for clarity and consistency.

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. 2538, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2538, S.D. 1.