STAND. COM. REP. NO. 1440

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 Ways and Means, 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 authorize the issuance of special purpose revenue bonds to assist Sacred Hearts Academy. 

Specifically, the bill authorizes special purpose revenue bonds in a total amount not to exceed $10,000,000 to assist Sacred Hears Academy with financing construction and improvements of its facilities.

     Sacred Hearts Academy submitted comments in support of the measure.

     Your Committee finds that the issuance of special purpose revenue bonds will provide assistance to Sacred Hearts Academy to finance construction of various structures, including a performing arts building, and a modern multi-purpose student center.

     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. 429, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

ROSALYN H. BAKER, Chair