Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Education and Military Affairs, 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 or refinance the planning, acquisition, construction, or improvement of its educational facilities.

Testimony is support of the measure was submitted by the Hawaii Association of Independent Schools and Waimea Country School. The Department of Budget and Finance submitted comments.

Your Committee finds that the State allows 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. Your Committee notes that special purpose revenue bonds such as this do not have an impact on, or detract from, public school funding.

As affirmed by the record of votes of the members of your Committee on Education and Military Affairs that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1483 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.