Bill Text: HI SB2833 | 2018 | Regular Session | Amended
Bill Title: Relating To University Of Hawaii Revenue Bonds.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2018-04-17 - Received notice of Senate conferees (Sen. Com. No. 788). [SB2833 Detail]
Download: Hawaii-2018-SB2833-Amended.html
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THE SENATE |
S.B. NO. |
2833 |
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TWENTY-NINTH LEGISLATURE, 2018 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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A BILL FOR AN ACT
RELATING TO UNIVERSITY OF HAWAII REVENUE BONDS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION
1. Allowing the University of Hawai‘i
to issue revenue bonds helps to address the university's deferred maintenance
and capital modernization for its aging facilities. University revenue bonds have been utilized
to finance the construction of new projects and the renovation and major repair
of existing facilities. University
projects have included faculty and student housing; classroom, laboratory, and
office space; student support, research, athletic, and utility facilities;
libraries; and parking structures.
State
financing support of university facilities is the primary method of funding
Hawai‘iꞌs public
university. The State of Hawai‘i
and the University of Hawai‘i
have always considered general obligation bonds as the first approach and means
to finance modernizing the universityꞌs campuses. The availability of revenue bond authority
would be a strategic revenue source and supplement to limited general
obligation bond funding and only used for financing projects that are
revenue-generating or financially appropriate for the University of Hawai‘i.
The
purpose of this Act is to authorize the University of Hawai‘i
to issue $ in revenue bonds to
complete as many of its priority capital facility construction, renovation,
modernization, and repair projects as possible.
SECTION
2. The board of regents of the
University of Hawai‘i, 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 and modernization, 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 $ ;
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 revenues 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 $ or so much thereof as
may be necessary for fiscal year 2018-2019 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 2018-2019 and shall
lapse instead on June 30, 2022.
The
sum appropriated shall be expended by the board of regents of the University of
Hawai‘i.
SECTION
4. The University of Hawai‘i
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 by this Act.
SECTION 5. This Act shall take effect on July 1, 2018.
Report Title:
University of Hawai‘i; Authorization of Revenue Bonds
Description:
Authorizes the University of Hawai‘i to issue revenue bonds for the purpose of financing the construction and maintenance of qualifying capital improvement projects. (SB2833 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
