STAND. COM. REP. NO. 3007

 

Honolulu, Hawaii

 

RE: H.B. No. 2005

H.D. 1

S.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

 

Sir:

 

Your Committee on Higher Education, to which was referred H.B. No. 2005, H.D. 1, entitled:

 

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

 

begs leave to report as follows:

 

The purpose and intent of this measure is to authorize the University of Hawaii to issue revenue bonds for the purpose of financing the construction and maintenance of qualifying capital improvement projects.

 

Your Committee received testimony in support of this measure from the University of Hawaii System, Oahu County Committee on Legislative Priorities of the Democratic Party of Hawaii, and University of Hawaii Alumni Association.

 

Your Committee finds that university revenue bonds have been utilized to finance the construction of new projects and the renovation and major repair of existing facilities at the University of Hawaii. University projects have included faculty and student housing; classroom, laboratory, and office space; student support, research, athletic, and utility facilities; libraries; and parking structures. The availability of revenue bond authority would be a strategic revenue source and a supplement to limited general obligation funding and only used for financing projects that are revenue-generating or financially appropriate for the University of Hawaii.

 

Your Committee has amended this measure by:

 

(1) Specifying that any unexpended and unencumbered balance of the appropriation as of the close of business on June 30, 2020, instead of June 30, 2021, shall lapse; and

 

(2) Making a technical, nonsubstantive amendment for the purposes of clarity and consistency.

 

As affirmed by the record of votes of the members of your Committee on Higher Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2005, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2005, H.D. 1, S.D. 1, and be referred to your Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committee on Higher Education,

 

 

 

________________________________

KAIALI'I KAHELE, Chair