Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Education and Military Affairs, to which was referred S.B. No. 2587 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize issuance of special purpose revenue bonds in an amount not to exceed $6,000,000, in one or more series, for the purpose of assisting Kawaiahao School to finance the planning, construction, and improvement of its educational facilities in this State.

Testimony in support of this measure was submitted by the Hawaii Association of Independent Schools, Kawaiahao School, and Kawaiahao Church. The Department of Budget and Finance submitted comments on the measure and noted no technical concerns with the measure.

Your Committee finds that the issuance of special purpose revenue bonds under this measure is in the public interest and for the public health, safety, and general welfare.

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. 2587 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.