STAND. COM. REP. NO. 600-04

Honolulu, Hawaii

, 2004

RE: H.B. No. 1747

H.D. 2

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1747, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO UNIVERSITY PROJECTS AND PURPOSES,"

begs leave to report as follows:

The purpose of this bill is to provide additional flexibility and control to the University of Hawaii (UH) Board of Regents (Board) in financing and managing UH capital improvement projects by allowing the UH Board to issue up to $25,000,000 in revenue bonds.

The University of Hawaii submitted testimony in support of this measure with amendments. The Department of Budget and Finance opposed this measure. The Department of the Attorney General commented on this measure.

Your Committee has amended this bill by:

(1) Clarifying that the bill does not constitute a legislative authorization for the UH Board to issue up to $25,000,000 in revenue bonds, but instead puts a cap on the amount of bonds that may be authorized and issued;

(2) Clarifying that UH will impose rates, rents, fees, and charges sufficient to pay for the costs of all university projects, systems, and networks; and

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

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1747, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1747, H.D. 2.

Respectfully submitted on behalf of the members of the Committee on Finance,

 

____________________________

DWIGHT Y. TAKAMINE, Chair