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,
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____________________________ JERRY L. CHANG, Chair |
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