STAND. COM. REP. NO.680

Honolulu, Hawaii

, 2003

RE: S.B. No. 397

 

 

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 S.B. No. 397 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR MID-PACIFIC INSTITUTE,"

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of $15,000,000 in special purpose revenue bonds for the purpose of assisting Mid-Pacific Institute to finance and refinance the planning, acquisition, construction, and improvement of its educational facilities.

Your Committee on Education previously received testimony in support of this measure from Mid-Pacific Institute, the Hawaii Association of Independent Schools, Hawaii Business Roundtable, and the Pacific Resource Partnership.

Your Committee finds that the special purpose revenue bonds authorized by this measure will be issued pursuant to Act 257, Session Laws of Hawaii 2002, relating to the power to issue special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public.

Your Committee finds that this measure will allow Mid-Pacific Institute to proceed with long-needed and long-delayed school improvements to its campus facilities, and that the financing thereof is assistance to a not-for-profit private elementary school and secondary 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 S.B. No. 397 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