STAND. COM. REP. NO. 888

Honolulu, Hawaii

, 2005

RE: H.B. No. 19

H.D. 2

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 19, H.D. 1, 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 student's critical housing needs in a tight rental market by:

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

(2) Increasing 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 and the UH Student Senate testified in support of this measure. The Department of Budget and Finance provided comments.

Your Committee has amended this bill by:

(1) Reinstating the requirement of the Governor's approval before BOR can issue revenue bonds;

(2) Authorizing the issuance of revenue bonds to finance reserves;

(3) Inserting provisions that allow this measure to remain in effect in the event that H.B. No. 1, which recodifies various statutes relating to UH, passes the Legislature; and

(4) Making various technical, nonsubstantive amendments for clarity and style.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 19, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 19, H.D. 2.

Respectfully submitted on behalf of the members of the Committee on Finance,

 

____________________________

DWIGHT TAKAMINE, Chair