STAND. COM. REP. NO.  798

Honolulu, Hawaii

                , 2009

RE:   H.B. No. 123

      H.D. 2

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 123, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE UNIVERSITY OF HAWAII,"

begs leave to report as follows:

     The purpose of this bill is to address the capital facility needs of the University of Hawaii (UH) through the construction of new projects and the renovation and major repair of existing facilities by:

     (1)  Increasing the amount of the revenue bond proceeds authorized by Act 161, Session Laws of Hawaii 2007 (Act 161) from $100,000,000 to $250,000,000;

     (2)  Extending the lapse date of the appropriation of revenue bond proceeds authorized by Act 161 to June 30, 2013; and

     (3)  Authorizing the UH Board of Regents to issue an additional $150,000,000 in revenue bonds, and appropriating the same amount in revenue bond proceeds to lapse on June 30, 2015, for the same purpose.

     UH and The Pacific Resource Partnership testified in support of this bill.

     Your Committee has amended this bill by:

(1)  Changing the amount of the revenue bond proceeds authorized by Act 161 from $250,000,000 to an unspecified amount; and

(2)  Changing the amount of additional revenue bonds authorized to be issued by the UH Board of Regents from $150,000 to an unspecified amount.

     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. 123, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 123, H.D. 2.

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

____________________________

MARCUS R. OSHIRO, Chair