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 S.B. No. 1205 entitled:

begs leave to report as follows:

The purpose of this measure is to provide flexibility in allocating portions instead of fixed percentages of the indirect overhead revenues generated by the University of Hawaii from the discoveries and invention revolving fund and the housing assistance revolving fund.

This measure also raises the amount the Board of Regents of the University of Hawaii can expend from the revenues deposited in the research and training revolving fund for research and training purposes from 84% to 100% and also allows for the transfer of such funds into the discoveries and inventions revolving fund and the University of Hawaii housing assistance revolving fund.

Your Committee heard testimony in support of the measure from the University of Hawaii.

Your Committee finds that providing such flexibility may facilitate both economic development through research undertaken at the university and the implementation of the university's housing assistance master plan.

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 S.B. No. 1205 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.