STAND. COM. REP. NO. 968

Honolulu, Hawaii

RE:    H.B. No. 773

       H.D. 1

       S.D. 1

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committee on Education, to which was referred H.B. No. 773, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR SAINT LOUIS SCHOOL,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the issuance of special purpose revenue bonds in an unspecified amount for Saint Louis School to finance the planning, construction, improvement, and equipping of its educational facilities.

     Your Committee received testimony in support of this measure from the Hawaii Association of Independent Schools, President of Saint Louis School, Board of Trustees of Saint Louis School, Chaminade University of Honolulu, and one individual.  Your Committee received testimony in opposition to this measure from one individual.

Your Committee finds that the issuance of special purpose revenue bonds for Saint Louis School is in the public interest and for the public health, safety, and general welfare.

     Your Committee has amended this measure by:

     (1)  Authorizing the issuance of special purpose revenue bonds in a total amount not to exceed $40 million;

     (2)  Changing the effective date from July 1, 2030, to July 1, 2011; and

     (3)  Inserting standard language on the issuance of the bonds in one or more series as a technical, nonsubstantive amendment for the purposes of clarity and consistency.

     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. 773, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 773, H.D. 1, S.D. 1, and be referred to the Committee on Ways and Means.

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

____________________________

JILL TOKUDA, Chair