STAND. COM. REP. NO.  221-08

Honolulu, Hawaii

                , 2008

RE:   H.B. No. 2794

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Education, to which was referred H.B. No. 2794 entitled:

"A BILL FOR AN ACT PROPOSING AMENDMENTS TO THE HAWAII CONSTITUTION RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS,"

begs leave to report as follows:

     The purpose of this bill is to assist charter schools with their facilities needs by proposing an amendment to the Hawaii Constitution to authorize the State to issue special purpose revenue bonds (SPRBs) to assist nonprofit corporations that support one or more charter schools, community development financial institutions benefiting one or more charter schools, and charter schools.

     A member of the Board of Education, Kamehameha Schools, and Kanu O Ka Aina Learning Ohana testified in support of this bill.  The Hawaii Association of Independent Schools and Hawaii Educational Policy Center supported the intent of this measure.  The Department of Budget and Finance offered comments.

     Your Committee has amended this bill by clarifying that the issuance of SPRBs is to assist charter schools, not-for-profit corporations that support charter schools, and community development financial institutions that support charter schools.

     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 H.B. No. 2794, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2794, H.D. 1, and be referred to the Committee on Judiciary.

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

____________________________

ROY TAKUMI, Chair