STAND. COM. REP. NO. 903

Honolulu, Hawaii

RE:    S.B. No. 664

       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. 664 entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR SACRED HEARTS ACADEMY,"

begs leave to report as follows:

     The purpose of this measure is to authorize the issuance of special purpose revenue bonds for the construction and improvement of Sacred Hearts Academy, a not-for-profit private sectarian school.

     Hawaii Preparatory Academy and Hawaii Association of Independent Schools submitted comments in support of this measure.

     Your Committee finds that Sacred Hearts Academy, a not-for-profit private sectarian school that encourages high educational standards and academic excellence, provides quality education to students and that special purpose revenue bonds do not divert funds from public schools.

     Your Committee has amended this bill by making technical nonsubstantive 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. 664, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 664, S.D. 1.

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

____________________________

ROSALYN H. BAKER, Chair