STAND. COM. REP. NO.  108

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 1529

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Higher Education, to which was referred H.B. No. 1529 entitled:

 

"A BILL FOR AN ACT RELATING TO LEGISLATIVE SCHOLARSHIP PROGRAMS AT THE UNIVERSITY OF HAWAII,"

 

begs leave to report as follows:

 

     The purpose of this bill is to honor Senator Hiram L. Fong and Senator Oren E. Long, and provide financial support to selected students, by establishing, in the senators' names, two scholarship programs and endowments that are to be administered by the University of Hawaii.

 

     A member of the City Council of the City and County of Honolulu and a concerned individual testified in support of this bill.  The University of Hawaii (UH) supported the intent of this measure.

 

     Your Committee has amended this bill by:

 

     (1)  Specifying that both scholarship programs are to be            funded with proceeds from endowment trusts that shall              receive initial funding by appropriations out of the               general revenues of the State;

 

     (2)  Changing the appropriations accordingly, so that the               appropriations are not deposited with the UH Foundation       as endowments for the scholarships, but directed to UH       to establish endowment trusts with an appropriate            financial institution, the proceeds from which shall             fund the scholarships;

 

     (3)  Deleting the appropriation out of the UH Scholarship and      Assistance Special Fund for the Senator Hiram L. Fong              Scholarship Program; and

 

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

 

     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. 1529, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1529, H.D. 1, and be referred to the Committee on Finance.

 

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

 

 

 

 

____________________________

JERRY L. CHANG, Chair