STAND. COM. REP. NO. 1456

Honolulu, Hawaii

RE:    H.B. No. 504

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. 504 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR LE JARDIN ACADEMY,"

begs leave to report as follows:

     The purpose of this measure is to assist Le Jardin Academy in financing the construction of a new administrative building, new classrooms that will include science laboratories, a gymnasium, and an arts center.

     Specifically, this measure authorizes the Department of Budget and Finance, with the approval of the Governor, to issue special purpose revenue bonds in the total amount not to exceed $25,000,000, in one or more series, to assist Le Jardin Academy in the planning, acquisition, construction, and improvement of the new facilities.

     Your Committee received comments in support of this measure from Le Jardin Academy.

     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 Le Jardin Academy to finance the construction of several facilities that will enable the school to expand its programs and increase the number of its students without relying entirely on the monetary contributions of the school's alumni, friends, and other supporters and to support the educational needs of the State's children.

     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. 504, 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