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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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. 2094

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2525

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Education, to which was referred S.B. No. 2525 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.

 

     Your Committee received testimony in support of this measure from Hawaii Pacific University.  Your Committee received comments on this measure from the Department of Budget and Finance.

 

     Your Committee finds that this measure will assist Hawaii Pacific University in financing the costs related to the acquisition and construction of additional educational facilities and to allow for the renovation of existing facilities. 

 

     Your Committee has amended this measure by adding language to clarify that:

 

     (1)  Under section 39A-257, Hawaii Revised Statutes, special purpose revenue bonds may be issued for a single project, multiple projects, a single-project party, or multiple-project parties pursuant to the authority of one Act, or the combined authority of more than one Act, of the Legislature; and

 

     (2)  Any limited liability company of which Hawaii Pacific University is the sole member shall be considered a not-for-profit affiliate of Hawaii Pacific University for purposes of this measure.

 

     As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2525, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2525, S.D. 1, and be referred to the Committee on Ways and Means.

 

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

 

		____________________________ JILL TOKUDA, Chair