Bill Text: HI HB2413 | 2016 | Regular Session | Introduced

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Bill Title: University of Hawaii; Authorization of Revenue Bonds ($)

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-29 - Referred to HED, FIN, referral sheet 4 [HB2413 Detail]

Download: Hawaii-2016-HB2413-Introduced.html

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HOUSE OF REPRESENTATIVES	H.B. NO.	2413
TWENTY-EIGHTH LEGISLATURE, 2016
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO THE UNIVERSITY OF HAWAII.

 

 

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

 

     SECTION 1.  Allowing the University of Hawaii to issue revenue bonds helps to address the university's capital facility needs.  Construction of new projects and the renovation and major repair of existing facilities have included, and will continue to include, faculty and student housing; additional classroom, laboratory, and office space; research facilities, utility facilities, and other infrastructure requirements; libraries; student support facilities; and athletic facilities.

     To accomplish this, the university is seeking authorization to issue $100,000,000 in revenue bonds to complete as many of its priority capital facility construction, renovation, and repair projects as possible.

     SECTION 2.  The board of regents of the University of Hawaii, with the approval of the governor, is authorized to issue revenue bonds from time to time to finance, in whole or in part, the costs of construction or the costs of maintenance, or both, of any university project, including reserves therefor as the board of regents may direct.  The total principal amount of the revenue bonds authorized by this Act shall not exceed $100,000,000; provided that neither revenue bonds issued to refund revenue bonds heretofore issued, to the extent that such refunding revenue bonds do not exceed the principal amount of the revenue bonds being refunded, nor revenue bonds of the board outstanding at the effective date of this Act shall cause the amount of the above authorization to be decreased.  The revenue bonds shall be issued pursuant to the provisions of part VI of chapter 304A, Hawaii Revised Statutes.  The principal and interest on the revenue bonds, to the extent not paid from the proceeds of such bonds, shall be paid solely from and secured solely by the revenue of the university as defined in section 304A-2671, Hawaii Revised Statutes.

     SECTION 3.  There is appropriated out of the revenue bond proceeds and interest earned thereon authorized by this Act the sum of $100,000,000 or so much thereof as may be necessary for fiscal year 2016-2017 to carry out the purposes of section 2 of this Act; provided that any unexpended and unencumbered balance of the appropriation shall not lapse at the end of fiscal year 2016-2017 and shall lapse instead on June 30, 2022.

     The sums appropriated shall be expended by the board of regents of the University of Hawaii."

     SECTION 4.  The University of Hawaii shall notify the legislature upon issue of the revenue bonds authorized by section 2 of this Act, including a detailed listing and description of all projects to be funded through the revenue bonds authorized pursuant to this Act.

     SECTION 5.  This Act shall take effect upon its approval.

 

INTRODUCED BY:	_____________________________
	BY REQUEST

 

 

Report Title:

University of Hawaii; Authorization of Revenue Bonds

 

Description:

Authorizes the University of Hawaii to issue $100,000,000 in revenue bonds for the purpose of financing the construction and maintenance of qualifying capital improvement projects.

 

 

 

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