Report Title:

UH; Commercial Enterprises; Revolving Fund

Description:

Authorizes the transfer of all university funds, with the exception of general funds and tuition funds, into the University of Hawaii commercial enterprises revolving fund.  (SD1)

THE SENATE	S.B. NO.	2675
TWENTY-FOURTH LEGISLATURE, 2008		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO THE UNIVERSITY OF HAWAII.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Section 304A-2251, Hawaii Revised Statutes, is amended to read as follows:

     "[[]§304A-2251[]]  University of Hawaii commercial enterprises revolving fund.  There is established the University of Hawaii commercial enterprises revolving fund into which shall be deposited all revenues derived from the operation of commercial enterprises by university programs.  Revenues deposited into this [account] fund may be expended by the university for all costs and expenses associated with the operation of the enterprises, including hiring personnel, renovating commercial space, and purchasing merchandise, supplies, and equipment, without regard to chapters 76, 78, 89, 103, and 103D.  Any law to the contrary notwithstanding, the university may transfer all funds at its disposal, with the exception of general funds and tuition funds, into the revolving fund to finance the establishment of new enterprises.  Revenues not expended as provided in this section may be transferred to other university funds to be expended for the general benefit of the university."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect on July 1, 2008.