STAND. COM. REP. NO. 3629
RE: H.B. No. 2005
Honorable Ronald D. Kouchi
President of the Senate
Twenty-Ninth State Legislature
Regular Session of 2018
State of Hawaii
Your Committee on Ways and Means, to which was referred H.B. No. 2005, H.D. 1, S.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 assist the University of Hawaii in addressing deferred maintenance and capital modernization by authorizing 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 written comments in support of this measure from the University of Hawaii and Oahu County Committee on Legislative Priorities of the Democratic Party of Hawai`i.
Your Committee finds that the revenue bond issuance authorization would make available a strategic revenue source for the University of Hawaii to supplement limited general obligation bond funding.
Your Committee has amended this measure by:
(1) Authorizing the University of Hawaii to issue up to $100,000,000 in revenue bonds;
(2) Appropriating $100,000,000 of the revenue bond proceeds and interest earned thereon to the University of Hawaii;
(3) Providing that the appropriation shall lapse on June 30, 2022, rather than June 30, 2020;
(4) Deleting the requirement that the Legislature approve the issuance of revenue bonds by concurrent resolution; and
(5) Changing the effective date from July 1, 2112, to upon approval.
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 H.B. No. 2005, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2005, H.D. 1, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DONOVAN M. DELA CRUZ, Chair