Exempts the acquisition of school facilities by leases from the law relating to the management of financing agreements, provided that notice of such agreements is given to the director of finance. (SD1)

A BILL FOR AN ACT

SECTION 1. Section 302A-1506, Hawaii Revised Statutes, is amended to read as follows: "[[]§302A-1506[]] Public school facilities. [The] Notwithstanding chapter 37D to the contrary, the department may enter into such contracts, leases, lease-purchase agreements, or other transactions as may be necessary for the acquisition of public school facilities, including any lands for these facilities, on such terms as [it] the department may deem appropriate, subject to approval by the [comptroller.] board; provided that the department shall provide written notice to the director of finance regarding the transaction."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.