Authorizes the issuance and appropriates funds for the University of Hawaii to construct a level III biotechnology laboratory facility.

A BILL FOR AN ACT

SECTION 1. The director of finance is authorized to issue general obligation bonds in the sum of $12,000,000, or so much thereof as may be necessary, and the same sum, or so much thereof as may be necessary, is appropriated for fiscal year 2006-2007 for the University of Hawaii to plan, design, construct, and equip a level III biotechnology facility on the island of Oahu.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $500,000, or so much thereof as may be necessary for fiscal year 2006-2007, for the purpose of planning, designing, constructing, and equipping a level III biotechnology facility on the island of Oahu.

SECTION 3. The sum appropriated shall be expended by the University of Hawaii for the purposes of this Act.

SECTION 4. The appropriation made for the capital improvement project authorized by section 1 of this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2008, shall lapse as of that date.

SECTION 5. This Act shall take effect on July 1, 2006.