STAND. COM. REP. NO.  751

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 1603

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1603 entitled:

 

"A BILL FOR AN ACT RELATING TO THE UNIVERSITY OF HAWAII,"

 

begs leave to report as follows:

 

     The purpose of this bill is to provide the University of Hawaii (UH) with the additional financial flexibility it needs to continue to improve and maintain its facilities by:

 

     (1)  Authorizing UH to issue an additional $100,000,000 in revenue bonds; and

 

     (2)  Appropriating $100,000,000 in revenue bond proceeds for fiscal year 2011-2012.

 

     UH testified in support of this bill.

 

     Your Committee has amended this bill by:

 

     (1)  Changing both the authorized amount of additional revenue bonds to be issued and the amount of revenue bond proceeds appropriated from $100,000,000 to unspecified amounts;

 

     (2)  Changing the effective date to July 1, 2030, to encourage further discussion; 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. 1603, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1603, H.D. 1.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair