STAND. COM. REP. NO.  1161-10

Honolulu, Hawaii

                , 2010

RE:   S.B. No. 2172

      S.D. 2

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 2172, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST KAIMUKI CHRISTIAN SCHOOL,"

begs leave to report as follows:

     The purpose of this bill is to assist Kaimuki Christian Church (KCC) with financing the planning, construction, improvement, and equipping of its educational facilities by authorizing the issuance of $20,000,000 in special purpose revenue bonds.

     The Hawaii Association of Independent Schools, KCC, Kaimuki Business and Professional Association, and numerous concerned individuals testified in support of this bill.  A concerned individual offered comments.

     Your Committee has amended this bill by changing the effective date to July 1, 2010.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2172, S.D. 2, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2172, S.D. 2, H.D. 1.

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

____________________________

MARCUS R. OSHIRO, Chair