STAND. COM. REP. 2773

Honolulu, Hawaii

, 2004

RE: S.B. No. 2671

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2671, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR THE CONGREGATION OF CHRISTIAN BROTHERS, INC. DBA DAMIEN MEMORIAL HIGH SCHOOL,"

begs leave to report as follows:

The purpose of this measure is to authorize the Department of Budget and Finance to issue special purpose revenue bonds to assist The Congregation of Christian Brothers, Inc. dba Damien Memorial High School to finance or refinance the planning, acquisition, construction, or improvement of its educational facilities.

Your Committee finds that the planning, acquisition, construction, or improvement constitutes a project and the financing or refinancing of the project constitutes assistance to a not-for-profit private nonsectarian and sectarian elementary school and secondary school enterprise. Furthermore, your Committee finds that the bonds issued under this measure are issued pursuant to the power of the State to issue special purpose revenue bonds to assist a not-for-profit private nonsectarian and sectarian elementary school and secondary school enterprise.

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. 2671, S.D. 1, and recommends that it pass Third Reading.

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

____________________________

BRIAN T. TANIGUCHI, Chair