Bill Text: HI SB2525 | 2012 | Regular Session | Amended

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Bill Title: Special Purpose Revenue Bonds; Hawaii Pacific University

Spectrum: Moderate Partisan Bill (Democrat 5-1)

Status: (Engrossed - Dead) 2012-03-08 - (H) Referred to HED, FIN, referral sheet 41 [SB2525 Detail]

Download: Hawaii-2012-SB2525-Amended.html

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STAND. COM. REP. NO. 2610

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2525

       S.D. 2

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2525, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR HAWAII PACIFIC UNIVERSITY,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to authorize the issuance of special purpose revenue bonds to assist Hawaii Pacific University, a Hawaii not-for-profit university, and one or more of its not-for-profit affiliates, with costs related to educational facilities.

 

     Written comments were submitted by Hawaii Pacific University.

 

     Your Committee finds that it is in the public interest and for the public health, safety, and welfare to assist in the improvement of the educational system for residents of the State.  This measure will allow Hawaii Pacific University to construct additional educational facilities including student housing and athletic facilities, renovate existing facilities, purchase land and improvements, and acquire and install information technology.

 

     Your Committee has amended this measure to allow maximum flexibility in financing and constructing programs, including allowing interest on the bonds to be included in gross income for federal income-tax purposes.

 

     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. 2525, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2525, S.D. 2.

 

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

 

		____________________________ DAVID Y. IGE, Chair