REPORT TITLE:
Approp.; UH endowment


DESCRIPTION:
Authorizes the issuance of GO bonds, and appropriates
$1,000,000,000 for the general endowment of the University of
Hawaii.  Provides that funds above the sum of $500,000,000 shall
be made available under this Act only to match sums that the
University of Hawaii Foundation shall raise from other sources
during the period of this Act.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                             
THE SENATE                              S.B. NO.           543
TWENTIETH LEGISLATURE, 1999                                     
STATE OF HAWAII                                                 
                                                             
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                     A  BILL  FOR  AN  ACT

AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS AND MAKING
   AN APPROPRIATION FOR THE GENERAL ENDOWMENT OF THE UNIVERSITY
   OF HAWAII.

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

 1      SECTION 1.  The director of finance is authorized to issue
 
 2 general obligation bonds in the sum of $1,000,000,000, or so much
 
 3 thereof as may be necessary, and the same sum, or so much thereof
 
 4 as may be necessary, is appropriated for fiscal years 1999-2000
 
 5 and 2000-2001 for the general endowment of the University of
 
 6 Hawaii, through the University of Hawaii Foundation; provided
 
 7 that funds above the sum of $500,000,000 shall be made available
 
 8 under this Act only to match the sums that the University of
 
 9 Hawaii Foundation shall raise from other sources during the
 
10 period ending on June 30, 2002.
 
11      SECTION 2.  The appropriation made for the general endowment
 
12 authorized in this Act shall not lapse at the end of the fiscal
 
13 year for which the appropriation is made; provided that all
 
14 moneys from the appropriation unencumbered as of June 30, 2002,
 
15 shall lapse as of that date.
 
16      SECTION 3.  The sum appropriated shall be expended by the
 
17 University of Hawaii for the purpose of this Act.
 
18      SECTION 4.  This Act shall take effect on July 1, 1999.
 
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20                           INTRODUCED BY:  _______________________