NOTICE OF PUBLIC HEARING
DEPARTMENT OF BUDGET AND FINANCE
OF THE STATE OF HAWAII
SPECIAL PURPOSE REVENUE BONDS
(MONTESSORI OF MAUI PROJECT)
SERIES 2007

Notice is hereby given that the Department of Budget and Finance of the State of Hawaii (the \u201DDepartment\u201D) will hold a public hearing on February 15, 2007 at 9:00 a.m. in the Middle School classroom of the Montessori School of Maui, 2933 Baldwin Avenue, Makawao, Hawaii 96768, as part of the public approval of its proposed issuance of special purpose revenue bonds in an aggregate principal amount not expected to exceed $10,000,000.00, for the purpose described below, and which may be issued from time to time, in one or more series pursuant to the Department\u2019s plan of financing. This notice is being given pursuant to Section 147(f) of the United States Internal Revenue Code of 1986. The proceeds of the bonds will be loaned to Montessori of Maui, Inc. (the \u201DBorrower\u201D) for the purpose of (A) financing or refinancing the planning, acquisition, construction, improvement, or equipping of certain educational facilities to be owned and operated by the Borrower and located on the existing campus of the Montessori School of Maui at 2933 Baldwin Avenue, Makawao, Hawaii 96768 including but not limited to: 1) a pod containing three (3) upper elementary classrooms (4th – 6th grades); 2) a middle school classroom facility; 3) a multipurpose halau consisting of a gymnasium/ performing art center, art classrooms, music classrooms and kitchen; and 4) site work and infrastructure for the above campus expansion, and (B) paying a portion of the administrative, legal, accounting, financing and other expenses incidental to the issuance of the bonds and related purposes.

The proposed issuance will consist of special purpose revenue bonds, and the principal of and interest thereon will be payable solely from revenues received by or for the account of the Department pursuant to or with respect to a financing agreement to be entered into by the Department and the Borrower. The proposed bonds shall not constitute a general or moral obligation of the State of Hawaii or charge upon the general fund of the State, and the full faith and credit of the State of Hawaii will not be pledged to the payment of the principal or premium, if any, or interest on the proposed bonds.

All interested persons are invited to attend the hearing and express their views regarding the proposed issuance and the Department\u2019s plan of financing, either orally or in writing. If written comments are offered, a copy of such comments should be made available to the Department on or before the public hearing. Further information may be obtained by calling the Department at (808) 586-1612 during business hours.

The meeting location is disability accessible. If special needs are required (i.e., large print, taped materials, sign language interpreter, etc.) call Mr. Scott Kami at (808) 586-1612 by February 12, 2007. Those who are deaf or are hard of hearing, call relay telephone number 1-877-447-5990 or 711.

DEPARTMENT OF BUDGET AND FINANCE
OF THE STATE OF HAWAII
(SB05527260 1/31/07)