Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Education, to which was referred H.B. No. 730, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the Board of Regents to expend one hundred percent of indirect overhead revenues generated by the University from research and training programs and deposited in the University of Hawaii research and training revolving fund, and to authorize the Board to allocate portions – rather than fixed percentages – of the indirect overhead revenues to be deposited in the discoveries and inventions revolving fund and the housing assistance revolving fund.

Your Committee finds that this measure will give the University and the Board additional flexibility in the expenditure of revenues from indirect overhead.

As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B.

No. 730, H.D. 1, and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.