STAND. COM. REP. NO. 1521

Honolulu, Hawaii

, 2005

RE: H.B. No. 19

H.D. 2

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 19, H.D. 2, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO UNIVERSITY PROJECTS AND AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR HOUSING UNITS,"

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of $250,000,000 in revenue bonds by the University of Hawaii for the cost of construction, or the cost of maintenance, or both, of university housing units.

This measure also makes a number of changes to the general laws relating to the issuance of revenue bonds by the University of Hawaii and the university revenue-undertaking fund to provide for consistency with other laws relating to revenue bonds and with changes in the financial market.

Your Committee has amended this measure by:

(1) Changing the amount authorized for the issuance of the revenue bonds to $25,000,000;

(2) Requiring that any new housing units constructed with the proceeds of the revenue bonds on the University of Hawaii at Manoa campus can only be constructed on sites currently utilized for student housing;

(3) Providing that section 10 shall take effect on July 1, 2005; and

(4) Making technical nonsubstantive changes for the purposes of clarity and style.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 19, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 19, H.D. 2, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

BRIAN T. TANIGUCHI, Chair