STAND. COM. REP. NO.  1665

Honolulu, Hawaii

                , 2009

RE:   S.B. No. 1674

      S.D. 2

      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 S.B. No. 1674, S.D. 2, 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 $100,000,000 of revenue bond proceeds authorized by Act 161 for fiscal year 2008-2009 to June 30, 2013; and

     (3)  Appropriating $150,000,000 for fiscal year 2009-2010 out of the revenue bond proceeds, to lapse on June 30, 2015.

     UH and the Pacific Resource Partnership supported this bill.

     Your Committee has amended this bill by:

     (1)  Changing the effective date to June 29, 2009; and

     (2)  Making technical, nonsubstantive amendments for style.

     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 S.B. No. 1674, S.D. 2, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1674, S.D. 2, H.D. 2.

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

____________________________

MARCUS R. OSHIRO, Chair