Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1205 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the University of Hawaii Board of Regents to determine what portion of revenues from a common funding source will be deposited into the discoveries and inventions revolving fund and the University of Hawaii housing assistance revolving fund.

Furthermore, this measure authorizes the Board of Regents to expend up to one hundred per cent of the revenues in the research and training revolving fund for the fund's purposes. Additionally, this measure expands the fund's purposes to include fund transfers to the discoveries and inventions revolving fund and the University of Hawaii housing assistance revolving fund.

Your Committee finds that at present, of the total indirect overhead funds generated by the university for research and training purposes in the prior fiscal year, four per cent of those funds is deposited into the discoveries and inventions revolving fund and twelve per cent is deposited into the University of Hawaii housing assistance revolving fund.

Your Committee also finds that the Board of Regents is presently authorized to expend up to only eighty-four per cent of revenues in the research and training revolving fund for the fund's research and training purposes.

Your Committee finds that this measure will give flexibility to the university regarding the allocation of indirect overhead revenues among the three revolving funds.

Your Committee has amended this measure by making technical nonsubstantive amendments for the purpose of conforming to appropriate bill drafting conventions.

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 S.B. No. 1205, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1205, S.D. 1.