Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Education, 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 $30,000,000 in special purpose revenue bonds to finance or refinance the construction or improvements to educational facilities at Iolani School.

Your Committee received testimony in support of the measure from Iolani School and Hawaii Association of Independent Schools. Your Committee received testimony in opposition to the measure from the Hawaii State Teachers Association.

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

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. 2538 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.