Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2987, H.D. 1, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to provide a better learning environment for Hawaii students by authorizing the issuance of up to $15,000,000 in special purpose revenue bonds to assist Saint Louis School in financing the improvement, planning, and construction of its educational facilities.

Your Committee finds that Saint Louis School, which was founded one hundred sixty years ago, encourages high educational standards and academic excellence and provides quality services to students throughout the State, and that special purpose revenue bonds do not divert funds from public schools.

Your Committee has amended this measure by making a technical nonsubstantive amendment.

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. 2987, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2987, H.D. 1, S.D. 2.