STAND. COM. REP. NO. 664

Honolulu, Hawaii

RE:    S.B. No. 1674

       S.D. 2

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 1674, S.D. 1, entitled:

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

begs leave to report as follows:

     The purpose of this measure is to increase the amount of a previously authorized revenue bond issuance to the University of Hawaii.

     This measure also extends the use of the proceeds from the previously authorized bond issuance to 2013.  The additional $50,000,000 in revenue bonds issued by the measure are subject to use through June 30, 2015.

     Your Committee received one comment on this measure.  Copies of written comments submitted to the Committee are available for review on the Legislature's website.

     Your Committee finds that the University of Hawaii needs more time to encumber the bonds that were previously authorized for issuance under Act 161, Session Laws of Hawaii.  The increased bond issuance under this measure is necessary for the university to more quickly address its growing facility needs and address major repair and maintenance demands.

     Your Committee has amended this measure by:

(1)  Changing the effective date to July 1, 2090, for the purposes of continued discussion of the matter; and

(2)  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. 1674, S.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.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

DONNA MERCADO KIM, Chair