STAND. COM. REP. NO. 3358

Honolulu, Hawaii

RE:    H.B. No. 2127

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B. No. 2127 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 and intent of this measure is to extend the lapse date of the authorization to issue special purpose revenue bonds that were previously authorized to assist Hawaii Preparatory Academy.

     Written comments in support of this measure were submitted by the Hawaii Preparatory Academy; The Kohala Center; Hawaii Association of Independent Schools; and four individuals.

     Your Committee finds that Act 116, Session Laws of Hawaii 2007, authorized the issuance of special purpose revenue bonds to assist the Hawaii Preparatory Academy and that extending the lapse date would allow the Hawaii Preparatory Academy to continue to make needed improvements to its facilities.

     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 H.B. No. 2127, and recommends that it pass Third Reading.

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

____________________________

DAVID Y. IGE, Chair