STAND. COM. REP. NO. 1555

Honolulu, Hawaii

RE:    H.B. No. 581

       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. 581, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR HANALANI SCHOOLS,"

begs leave to report as follows:

     The purpose of this measure is to authorize the issuance of special purpose revenue bonds to assist Hanalani Schools.

     Your Committee received comments in support of this measure from the Hawaii Association of Independent Schools and Hanalani Schools.

     Your Committee finds that the activities and facilities of Hanalani Schools constitute a project as defined in part VIII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a not-for-profit private nonsectarian or sectarian elementary school, secondary school, college, or university serving the general public.

     Your Committee further finds that the special revenue bonds will assist Hanalani Schools to finance the renovation and upgrading of current facilities, finance the construction of three new facilities, and assist the schools with consolidation of current loans.

     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. 581, 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