SB2897

THE SENATE	S.B. NO.	2897
TWENTY-FOURTH LEGISLATURE, 2008
STATE OF HAWAII

A BILL FOR AN ACT

MAKING APPROPRIATIONS AND AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS AND REVENUE BONDS FOR COCONUT ISLAND IMPROVEMENTS.

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

PART I

SECTION 1. The Hawaii institute for marine biology is a world-renowned research institute situated on Coconut Island in Kaneohe Bay. Coconut Island provides excellent opportunities for research as it covers approximately twenty-nine acres with six acres enclosed in lagoons that are used for keeping organisms in captivity for study. Coconut Island is surrounded by sixty-four acres of coral reef, which is designated by the State as a Hawaii Marine Laboratory Refuge, and only researchers who are associated with the Hawaii institute for marine biology are allowed to collect specimens from the refuge. The ongoing research projects cover many disciplines of tropical marine science and the institute's faculty and students come from all over the world.

The purpose of this Act is to make appropriations and authorize the issuance of general obligation bonds and revenue bonds for construction of a modern laboratory and office complex and other improvements to the research, office, and related facilities on Coconut Island.

PART II

SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $ 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 2008-2009 for the purpose of the following improvements to Coconut Island facilities of the Hawaii institute for marine biology:

A. UHM, HAWAII INSTITUTE OF MARINE BIOLOGY, AFTER THE FACT WORK FOR COCONUT ISLAND IMPROVEMENTS, OAHU

Plans, design, construction, and equipment

for compliance with shoreline management area (SMA) use permit, shoreline variance (SV) and coastal zone management (CZM) requirements.

TOTAL FUNDING $____________C

B. UHM, HAWAII INSTITUTE OF MARINE BIOLOGY, COCONUT ISLAND IMPROVEMENTS, OAHU

Plans, design, construction, and equipment for improvements to Coconut Island for the Hawaii institute of marine biology. Project to include ground and site improvements, development of new research and office facilities, equipment and appurtenances, and all related project costs.

TOTAL FUNDING $_______________E

SECTION 3. The appropriation made for the capital improvement projects authorized by section 2 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, 2010, shall lapse as of that date.

PART III

SECTION 4. The board of regents of the University of Hawaii is authorized to issue revenue bonds for the capital improvement project described and authorized in section 2 of this Act and designated to be financed by revenue bond funds, in principal amounts as are required to yield the amounts appropriated for such capital improvement project, and if determined by the board of regents and approved by the governor, any additional principal amount deemed necessary by the board of regents to pay interest on the revenue bonds during the estimated period of construction of the capital improvement project for which the revenue bonds are issued. The revenue bonds shall be issued pursuant to part VI of chapter 304A, Hawaii Revised Statutes, as amended. To the extent not paid from the proceeds of the revenue bonds, the principal of and interest on the revenue bonds shall be payable from and secured by, and the expenses related to the issuance of the revenue bonds shall be paid from, revenue of the university as defined in chapter 304A, Hawaii Revised Statutes.

SECTION 5. All appropriations under section 2 of this Act from University of Hawaii revenue bond funds which are unencumbered as of June 30, 2013, shall lapse as of that date. The authorization to issue revenue bonds under this Act shall lapse on June 30, 2013.

PART IV

SECTION 6. The sums appropriated for the respective capital projects set forth in section 2 shall be expended by the University of Hawaii for the purposes of this Act.

SECTION 7. This Act shall take effect on July 1, 2008.

INTRODUCED BY:	_____________________________