Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 3118, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to provide for the repair and maintenance of research related equipment and facilities at the University of Hawaii.

Specifically, the measure changes the research and training revolving fund to a special fund and authorizes the University of Hawaii research and training special fund to be used for the repair and maintenance of research related equipment and facilities.

Furthermore, this measure removes the authorization for the transfer of indirect overhead funds from the research and training special fund to either the discoveries and inventions revolving fund or the University of Hawaii housing assistance revolving fund.

Your Committee recognizes that this measure codifies the university's current fiscal practices.

Your Committee has amended this measure by changing its effective date to July 1, 2060, and by making technical nonsubstantive amendments for the purposes of clarity and style.

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. 3118, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 3118, S.D. 2.