STAND. COM. REP. NO.  1037

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 429

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 429 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST SACRED HEARTS ACADEMY,"

begs leave to report as follows:

     The purpose of this bill is to authorize the issuance of special purpose revenue bonds in a total amount not to exceed $10,000,000, to assist Sacred Hearts Academy in financing the construction and improvements of its educational facilities in the State of Hawaii.

     Sacred Hearts Academy and the Hawaii Association of Independent Schools testified in support of this bill.

     Your Committee has amended this bill by making technical, nonsubstantive amendments for clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 429, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 429, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair