Report Title:

GO Bonds; University of Hawaii Medical School

Description:

Authorizes the issuance of GO bonds to UH for a health and wellness center and new medical school facility.

THE SENATE

S.B. NO.

2717

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS AND

making an appropriation to the university of hawaii.

 

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

SECTION 1. The legislature finds that the cost of financing the construction of a University of Hawaii (university) health and wellness center and new medical school facility is partially being funded through the Hawaii tobacco settlement special fund (fund). However, other legislation being introduced threatens the university's allocation percentages from the fund.

The purpose of this Act is to appropriate general obligation bonds for the construction of a health and wellness center and new medical school facility for the university to accommodate for any reduced funding from the Hawaii tobacco settlement special fund.

SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $          , 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 2004-2005 to finance the cost of construction of a health and wellness center and a new medical school facility for the University of Hawaii.

SECTION 3. The appropriation made for the capital improvement project authorized by this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2006, 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, 2004.

INTRODUCED BY:

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