STAND. COM. REP. NO. 757

Honolulu, Hawaii

RE:    S.B. No. 227

       S.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 S.B. No. 227 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 for Hanalani Schools.

     Your Committee received comments supporting the measure from Hanalani Schools and the Hawaii Association of Independent Schools.

     Your Committee finds that this measure will allow Hanalani Schools to construct three buildings, renovate and upgrade their facilities, and consolidate existing loans.  Fund will be used to build an art center to display paintings, drawings, ceramics, textiles, and video productions, an early childhood facility to accommodate the needs of early childhood education, and a faculty housing project:

     Your Committee has amended the measure by:

     (1)  Adding language as a new section 4 to the bill that will allow for the pooling of bond issues and renumbering the remaining sections accordingly; and

     (2)  Amending the measure by making technical amendments for purposes of clarity and style.

     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 S.B. No. 227, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 227, S.D. 1.

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

____________________________

ROSALYN H. BAKER, Chair