STAND. COM. REP. NO.1675

Honolulu, Hawaii

, 2003

RE: H.B. No. 485

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 485 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR HANAHAU`OLI SCHOOL,"

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds for Hanahau`oli School.

Hanahau`oli School is a private not-for-profit elementary school in Makiki. The school is seeking a bond authorization in the amount of $5,000,000 for building construction and acquisition of property under the recent constitutional amendment allowing these bonds for not-for-profit private schools. Your Committee notes that special purpose revenue bonds do not use state funds and do not take away any funds for public education. Your Committee finds that Hanahau`oli School was founded in 1918 and is a school of good standing in the community, and that the bonds authorized in this bill will greatly assist Hanahau`oli School in the carrying out of its mission.

Your Committee further finds that the acquisition, construction, or improvement of Hanahau`oli School's educational facilities is a "project" as defined in or pursuant to Act 257, Session Laws of Hawaii 2002, and that the financing thereof is assistance to a not-for-profit private elementary school that serves the general public.

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. 485, and recommends that it pass Third Reading.

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

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BRIAN T. TANIGUCHI, Chair