Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 1555, H.D. 1, entitled:

begs leave to report as follows:

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

Your Committee finds that the constitutional amendment to Article VII, Section 12 and Article X, Section 1 of the Hawaii Constitution allows the State to issue special purpose revenue bonds for private school construction and renovation. Hualalai Academy is a private nonsectarian school that serves students in kindergarten through grade eleven in the Kailua-Kona area. This measure will allow the school to add grade twelve to the school and construct facilities towards that end.

In order to facilitate further discussion on this matter, your Committee changed the effective date from July 1, 2010 to July 1, 2050.

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 H.B. No. 1555, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1555, H.D. 1, S.D. 1.