STAND. COM. REP. NO.  300-12

Honolulu, Hawaii

                , 2012

RE:   H.B. No. 2816

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Education, to which was referred H.B. No. 2816 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR LE JARDIN ACADEMY,"

begs leave to report as follows:

The purpose of this measure is to support quality education in Hawaii by authorizing the issuance of special purpose revenue bonds to assist Le Jardin Academy to finance and refinance the construction, improvement, and equipping of its educational facilities.

The Hawaii Association of Independent Schools and Le Jardin Academy supported this measure.  Two concerned individuals opposed this measure.  The Department of Budget and Finance provided comments.

     Your Committee has amended this measure by:

     (1)  Inserting language that will allow Le Jardin Academy additional flexibility to take advantage of economies of scale that are achievable by consolidating small bond issues into a single large transaction with potential multiple-project parties as provided by law;

     (2)  Changing the effective date to July 1, 2012; and

     (3)  Making technical, nonsubstative amendments for clarity, consistency, and style.

     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. 2816, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2816, H.D. 1, and be referred to the Committee on Finance.

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

____________________________

ROY TAKUMI, Chair