Report Title:

UH-Hilo Pacific Aquaculture and Coastal Resources Center; General Obligation Bonds

Description:

Authorizes general obligation bond issuance to assist the University of Hawaii at Hilo in developing the Pacific Aquaculture and Coastal Resources Center. (SD1)

THE SENATE

S.B. NO.

559

TWENTY-SECOND LEGISLATURE, 2003

S.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

MAKING AN APPROPRIATION FOR THE UNIVERSITY OF HAWAII AT HILO.

 

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

SECTION 1. The legislature finds that the University of Hawaii at Hilo is faced with a financing shortfall in developing the Pacific aquaculture and coastal resources center, in partnership with the county of Hawaii, the State, federal government, and the Hawaii sea grant program. Moreover, this shortfall is exacerbated by the risk that the State will lose $2,000,000 in federal funds if the State fails to cover the shortfall. The center will provide a focus for the sustainable development of aquaculture in east Hawaii, create jobs and farms, and provide the basic infrastructure for a world-class aquaculture and marine science program at the University of Hawaii at Hilo. The purpose of this Act is to authorize the issuance of general obligation funds to assist the University of Hawaii at Hilo in developing the Pacific aquaculture and coastal resources center.

SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $2,000,000, or so much thereof as may be necessary, and a sum between $1,500,000 and $2,000,000, or so much thereof as may be necessary, is appropriated for fiscal year 2003-2004, to assist the University of Hawaii at Hilo in developing the Pacific aquaculture and coastal resources center.

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, 2003.