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. 3086 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds in a total amount not to exceed $20,000,000 to assist Island Pacific Academy in the planning and construction of its educational facilities.

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 Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 3086 and recommends that it pass Third Reading.