STAND. COM. REP. NO. 575

Honolulu, Hawaii

, 2005

RE: H.B. No. 19

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Higher Education, to which was referred H.B. No. 19 entitled:

"A BILL FOR AN ACT RELATING TO UNIVERSITY PROJECTS AND AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR HOUSING UNITS,"

begs leave to report as follows:

The purpose of this bill is to enhance the University of Hawaii's (UH) ability to address the critical housing needs of students in a tight rental market. Specifically, this bill:

(1) Allows UH to use sources other than revenues generated through the bond system; and

(2) Increases the amount of revenue bonds that the UH Board of Regents (BOR) is authorized to issue,

to finance the construction and repair of student housing units.

UH supported this bill with amendments. The Department of Budget and Finance opposed this measure.

Your Committee has amended this bill by:

(1) Clarifying that in dealing with university projects, BOR is a public instead of a political corporation;

(2) Removing the provision that allows the Governor to disapprove a bond sale within 30 days of notification by BOR of its intent to issue revenue bonds;

(3) Increasing to $250,000,000 the amount for which UH may issue revenue bonds to finance the construction and repair of student housing units;

(4) Changing the lapsing date for appropriations to June 30, 2010; and

(5) Making technical, nonsubstantive amendments for clarity, consistency, and style.

As affirmed by the record of votes of the members of your Committee on Higher Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 19, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 19, H.D. 1, and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Higher Education,

 

____________________________

TOMMY WATERS, Chair