Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 342 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds in the total amount not exceeding $5,000,000 to assist Hanahauoli School.

The bonds will help Hanahauoli School to finance the construction and improvement of its educational facilities and to acquire land for future school needs.

Your Committee on Education previously received testimony in support of this measure from Hanahauoli School, the Hawaii Association of Independent Schools, Hawaii Business Roundtable, and the Pacific Resource Partnership.

The special purpose revenue bonds are to be issued pursuant to Act 257, Session Laws of Hawaii 2002, relating to the power to issue special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public.

Your Committee finds that the assistance to Hanahauoli School will help to benefit the community not only in terms of the expanded educational opportunities for students and staff, but in the construction industry as well.

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. 342 and recommends that it pass Third Reading.