STAND. COM. REP. NO. 2756

Honolulu, Hawaii

RE:    S.B. No. 2651

       S.D. 1

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 S.B. No. 2651, S.D. 1, 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, for five years, the time the Department of Budget and Finance is authorized to issue special purpose revenue bonds for the purposes of assisting Hawaii Preparatory Academy to improve its educational facilities. 

     Your Committee finds that many of the school buildings on the Hawaii Preparatory Academy campus date back to the late 1960's and early 1970's and currently require infrastructure upgrades.  Allowing Hawaii Preparatory Academy access to funds produced by special purpose revenue bonds for an additional five years will allow the Academy to make needed improvements without diverting funds from instructional activities.  Your Committee further finds that the additional construction work will help to create jobs on the Big Island.

     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 S.B. No. 2651, S.D. 1, 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