Report Title:

General Obligation Bonds for the University of Hawaii

Description:

Authorizes the issuance of general obligation bonds for the University of Hawaii to improve its physical facilities. (HB2718 HD1)

HOUSE OF REPRESENTATIVES

H.B. NO.

2718

TWENTY-FIRST LEGISLATURE, 2002

H.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to general obligation bonds for THE university of hawaii.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The director of finance is authorized to issue reimbursable general obligation bonds in the sum of $100,000,000 or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2002-2003 to finance the cost of plans, land acquisition, design, construction, and equipment to improve physical facilities at the University of Hawaii.

SECTION 2. The physical facilities shall be and constitute a public undertaking, improvement, or system from which revenues may be derived for the payment of principal and interest on the reimbursable general obligation bonds authorized in section 1 as reimbursement to the general fund. The University of Hawaii shall reimburse the general fund from its various special and revolving funds as determined by the university in accordance with a schedule determined by the director of finance, with the approval of the governor, beginning the third year from the date of issuance and being paid semiannually thereafter.

SECTION 3. The appropriation made for capital improvement projects authorized in this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all appropriations that are unencumbered as of June 30, 2004, shall lapse as of that date.

SECTION 4. The sum appropriated shall be expended by the University of Hawaii for the purposes of this Act.

SECTION 5. This Act shall take effect on July 1, 2002.