STAND. COM. REP. NO. 756

Honolulu, Hawaii

RE:    S.B. No. 620

       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. 620 entitled:

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

begs leave to report as follows:

     The purpose of this measure is to authorize the issuance of special purpose revenue bonds for Hawaii Preparatory Academy.

     Your Committee received comments strongly supporting this measure from Hawaii Preparatory Academy and the Hawaii Association of Independent Schools.

     Your Committee finds that the special purpose revenue bonds issued pursuant to this measure will allow the Hawaii Preparatory Academy to make substantial capital improvements to its lower and middle school facilities and its upper school dormitories to benefit the student body and the community at large.

     Your Committee has amended the measure by making technical nonsubstantive amendments for the 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. 620, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 620, S.D. 1.

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

____________________________

ROSALYN H. BAKER, Chair