Report Title:

Education; Bond Authorization

Description:

Authorizes director of finance to issue bonds to subsidize school renovation, equipment acquisition, curriculum development, and teacher training in qualified zones and schools. (SD1)

HOUSE OF REPRESENTATIVES

H.B. NO.

842

TWENTY-THIRD LEGISLATURE, 2005

S.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

authorizing the issuance of bonds for education purposes.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The department of education is aware that Congress passed legislation as part of the Working Families Tax Relief Act of 2004 (Public Law 108-311) making funds available for governments to issue qualified zone academy bonds to subsidize school repair, renovation and restoration projects, equipment and technology acquisition, curriculum development, and teacher training in those areas designated as empowerment zones or enterprise communities. Schools can also qualify if at least thirty-five per cent of their students are eligible for the federal school lunch program. This is applied on a school-by-school basis. This federal program was created to help educators, employers, and the community to work together to ensure that students in economically depressed areas will have the facilities, education, and skills to be prepared to work in today's competitive global economy.

The purpose of this Act is to give the department of education debt authorization to enable the qualified zones or schools to take advantage of its federal designation to subsidize school renovation and restoration projects, equipment and technology acquisition, curriculum development, and teacher training.

SECTION 2. The director of finance is authorized to issue bonds or to secure loans in the sum of $1, or so much thereof as may be necessary, and the same sum, or so much thereof as may be necessary, is appropriated for fiscal biennium 2005-2007 to subsidize school renovation and restoration projects, equipment and technology acquisition, curriculum development, and teacher training in qualified zones and schools.

SECTION 3. The sum appropriated shall be expended by the department of education for the purpose of this Act.

SECTION 4. The appropriation made by this Act shall not lapse at the end of the fiscal year for which the appropriation is made; provided that all moneys from that appropriation that are unencumbered as of June 30, 2008, shall lapse as of that date.

SECTION 5. This Act shall take effect on July 1, 2005.