STAND. COM. REP. NO. 3311

Honolulu, Hawaii

RE:    H.B. No. 2248

       H.D. 2

       S.D. 2

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. 2248, H.D. 2, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR HAWAII PACIFIC UNIVERSITY,"

begs leave to report as follows:

     The purpose and intent of this measure is to support higher education in the State.

     More specifically, the measure authorizes the issuance of special purpose revenue bonds to assist Hawaii Pacific University and one or more of its not-for-profit affiliates.

     Written comments in support of this measure were submitted by the Hawaii Association of Independent Schools.  Written comments on this measure were submitted by Hawaii Pacific University.

     Your Committee finds that this measure will assist Hawaii Pacific University and one or more of its not-for-profit affiliates to finance, refinance, and reimburse costs related to the planning, acquisition, and construction of various capital-related projects.

     Your Committee has amended this measure by correcting a section reference and making technical nonsubstantive amendments for the purposes of consistency, 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 H.B. No. 2248, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2248, H.D. 2, S.D. 2.

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

____________________________

DAVID Y. IGE, Chair