Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committees on Education and Higher Education, to which was referred H.B. No. 1555 entitled:

beg leave to report as follows:

The purpose of this bill is to authorize the issuance of up to $30,000,000 in special purpose revenue bonds to assist Hualalai Academy to finance the planning, acquisition, construction, and improvement of its educational facilities.

Hualalai Academy and the Hawaii Association of Independent Schools testified in support of this bill.

Your Committees find that authorizing the issuance of SPRBs for Hualalai Academy increases the feasibility of substantial school improvements that will benefit both the student body and community. The bonds will allow Hualalai Academy to finance campus improvement projects, including the building of their first separate high school structure.

As affirmed by the records of votes of the members of your Committees on Education and Higher Education that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 1555 and recommend that it pass Second Reading and be referred to the Committee on Finance.