STAND. COM. REP. NO. 2012

Honolulu, Hawaii

RE: S.B. No. 2833

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Higher Education, to which was referred S.B. No. 2833 entitled:

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

begs leave to report as follows:

The purpose and intent of this measure is to authorize the University of Hawai‘i to issue $100,000,000 in revenue bonds for the purpose of financing the construction and maintenance of qualifying capital improvement projects.

Your Committee received testimony in support of this measure from the University of Hawai‘i System; Oahu County Legislative Priorities Committee of the Democratic Party of Hawai‘i; Associated Students of the University of Hawai‘i, Hawai‘i Community College; and one individual.

Your Committee finds that university revenue bonds have been utilized to finance the construction of new projects and the renovation and major repair of existing facilities at the University of Hawai‘i. University projects have included faculty and student housing; classroom, laboratory, and office space; student support, research, athletic, and utility facilities; libraries; and parking structures. The availability of revenue bond authority would be a strategic revenue source and a supplement to limited general obligation funding and only used for financing projects that are revenue-generating or financially appropriate for the University of Hawai‘i.

Your Committee has amended this measure by:

(1) Inserting an effective date of July 1, 2018; and

(2) Making technical, nonsubstantive amendments for the purposes of clarity and consistency.

As affirmed by the record of votes of the members of your Committee on Higher Education that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2833, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2833, S.D. 1, and be referred to your Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Higher Education,

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KAIALI'I KAHELE, Chair