STAND. COM. REP. NO. 1204

Honolulu, Hawaii

RE:    H.B. No. 429

       H.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Education, to which was referred H.B. No. 429, H.D. 1, 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 measure is to assist nonprofit private schools that serve the general public through the authorization of the issuance of special purpose revenue bonds to assist Sacred Hearts Academy in financing and refinancing the planning, acquisition, construction, and improvement of its facilities.

     Testimony in support of this measure was submitted by Sacred Hearts Academy and the Hawaii Association of Independent Schools.

     Your Committee finds that pursuant to part VII, chapter 39A, Hawaii Revised Statutes, special purpose revenue bonds may be issued to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public.  This measure will allow Sacred Hearts Academy to finance the construction of several structures that will provide adequate facilities for school programs and enhance the education provided to its students without relying entirely on the monetary contributions of the school's alumni, friends, and other supporters and support the educational needs of the State's children.

     As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 429, H.D. 1, and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.

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

____________________________

NORMAN SAKAMOTO, Chair