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 S.B. No. 1483 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds for Waimea Country School to finance and refinance the planning, acquisition, construction, and improvement of its educational facilities.

Your Committee finds that the state constitution authorizes the issuance of special purpose revenue bonds for private school construction and renovation. This method of funding provides a worthy school such as Waimea Country School with the necessary resources to fund a variety of school projects to minimize its reliance on alumni contributions, parents, and friends or other financial services. At the same time, your Committee notes that special purpose revenue bonds do not have a negative impact on, or otherwise detract from, public school funding.

Your Committee has amended this measure by making technical nonsubstantive changes.

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. 1483, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1483, S.D. 1.