STAND. COM. REP. NO. 784

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 809

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 809 entitled:

 

"A BILL FOR AN ACT RELATING TO THE UNIVERSITY OF HAWAII,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to address the University of Hawaii's capital facility needs by authorizing the University to issue additional revenue bonds to finance the construction and maintenance of capital improvement projects.

 

     Your Committee received written comments in support of this measure from Howard Todo, Vice President for Budget & Finance/Chief Financial Officer, University of Hawaii System.

 

     Your Committee finds that Act 161, Session Laws of Hawaii 2007, as amended by Act 94, Session Laws of Hawaii 2009, authorized the University of Hawaii to issue a total of $200,000,000 in revenue bonds for the construction and maintenance of facilities.  This measure responds to the University's request for additional financing through revenue bonds to complete needed construction, renovation, and repair projects on its facilities.

 

     Your Committee has amended this measure by:

 

     (1)  Changing the revenue bonds authorization and appropriations therefrom to unspecified amounts;

 

     (2)  Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

 

     (3)  Making technical, nonsubstantive amendments for clarity and style.

 

     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. 809, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 809, S.D. 1.

 

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

 

 

 

____________________________

DAVID Y. IGE, Chair