Bill Text: HI SB2525 | 2012 | Regular Session | Introduced
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-Introduced.html
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THE SENATE |
S.B. NO. |
2525 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the issuance of special purpose revenue bonds for hawaii pacific university.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare.
SECTION 2. Pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $120,000,000, in one or more series, for the purpose of assisting Hawaii Pacific University, a private not-for-profit university, and one or more of its not-for-profit affiliates in financing, refinancing, and reimbursing costs related to the planning, acquisition, and construction of its educational facilities (including student housing and athletic facilities), renovation of existing educational facilities, purchase of tangible assets (including land and improvements), acquisition and installation of information technology, and other capital-related projects for Hawaii Pacific University and any one or more of its not-for-profit affiliates, including, without limitation, any costs that are necessarily or advisably incurred in order to provide such assistance or that are directly or indirectly related to any of the foregoing items. The legislature hereby finds and determines that the aforementioned activities and facilities constitute a project as defined in part VIII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a not-for-profit private nonsectarian university that serves the general public.
SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public.
SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2017, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2. In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.
SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2017.
SECTION 6. This Act shall take effect on July 1, 2012.
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INTRODUCED BY: |
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Report Title:
Special Purpose Revenue Bonds; Hawaii Pacific University
Description:
Authorizes the issuance of special purpose revenue bonds to Hawaii Pacific University.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
