STAND. COM. REP. NO. 437

Honolulu, Hawaii

RE:    S.B. No. 620

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Education, 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 assist nonprofit private schools that serve the general public. 

     Specifically, this measure authorizes the issuance of special purpose revenue bonds for the purpose of assisting Hawaii Preparatory Academy in financing and refinancing the planning, construction, and improvement of its facilities.

     Testimony in support of this measure was submitted by the Hawaii Association of Independent Schools and Hawai‘i Preparatory Academy.

     Your Committee finds that Hawaii Preparatory Academy serves everyday families from all walks of life.  Many of the students receive financial aid to defray the cost of tuition.  Hawaii Preparatory Academy serves an important public purpose by helping to prepare the next generation of young people to become well-educated, purposeful, and engaged citizens willing to contribute to the greater good.

     Your Committee further finds that issuing special purpose revenue bonds do not divert funds away from public schools.  Instead, it will help Hawaii Preparatory Academy to provide quality education in an environment that is safe and conducive to learning.

     As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 620 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Education,

____________________________

NORMAN SAKAMOTO, Chair