Report Title:
University of Hawaii; Revenue Bonds
Description:
Authorize the Board of Regents to issue additional revenue bonds in the principal amount of $150,000,000 for the purpose of financing the costs of construction or maintenance of capital improvement projects constituting university projects. Appropriate the proceeds of the initial $100,000,000 of such revenue bonds (as authorized by Act 161) , or so much thereof as may be necessary, in the current fiscal year and any of the fiscal years thereafter, to and including fiscal year 2012-2013. Appropriate the proceeds of the additional $150,000,000 of such revenue bonds, or so much thereof as may be necessary, in the current fiscal year and any of the fiscal years thereafter, to and including fiscal year 2014-2015.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1173 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE UNIVERSITY OF HAWAII.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The University of Hawaii has been in the process of addressing its capital facility needs through the construction of new projects and the renovation and major repair of existing facilities. These capital facility needs 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. Through Act 161, Session Laws of Hawaii 2007, the University of Hawaii was granted the authority to issue $100,000,000 in revenue bonds to help address the university′s capital facility needs. Since that time, the University of Hawaii has been identifying and prioritizing the capital facility needs throughout the university system and plans to use this authority to construct, renovate, and repair one or more of the following listed projects or other projects deemed necessary by the University of Hawaii depending on real estate opportunities that may arise, market and economic conditions, and changes in the university′s priorities:
(1) Identify and acquire existing structure on Oahu for conversion to faculty housing,
(2) Development of new faculty housing units on Oahu,
(3) Acquisition and conversion of apartments in Hilo for student housing,
(4) Student housing renovations at Hale Aloha,
(5) University of Hawaii - West Oahu Kapolei campus development,
(6) Waianae education center acquisition,
(7) Kauiokahaloa Nui faculty housing refinancing,
(8) Addition to University of Hawaii at Manoa biomedical science building, and
(9) University of Hawaii at Hilo bookstore campus center addition.
The university desires to extend the expiration date of the university's authority to use the initial $100,000,000 under Act 161. Moreover, the university is hereby seeking an additional $150,000,000 to complete as many of its priority capital facility construction, renovation, and repair projects as possible.
SECTION 2. Act 161, Session Laws of Hawaii 2007, is amended by amending Section 6 to read as follows:
"SECTION 6. 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 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] $250,000,000;
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 chapter 304A-A, Hawaii Revised Statutes."
SECTION 3. Act 161, Session Laws of Hawaii 2007, is amended by amending Section 7 to read as follows:
"SECTION 7. There is appropriated out of the
revenue bond proceeds authorized by this Act the sum of $100,000,000 or so much
thereof as may be necessary [for fiscal year 2007-2008, and the same sum or
so much thereof as may be necessary] for fiscal year 2008-2009, and the
same sum, or so much thereof as may be necessary for fiscal year 2009-2010, and
the same sum, or so much thereof as may be necessary for fiscal year 2010-2011,
and the same sum, or so much thereof as may be necessary for fiscal year
2011-2012, and the same sum, or so much thereof as may be necessary for fiscal
year 2012-2013, to carry out the purposes of section 6.
There is also appropriated from the proceeds of the revenue bonds authorized pursuant to this Act, the additional sum of $150,000,000 or so much thereof as may be necessary for fiscal year 2009-2010, and the same sum, or so much thereof as may be necessary for fiscal year 2010-2011, and the same sum, or so much thereof as may be necessary for fiscal year 2011-2012, and the same sum, or so much thereof as may be necessary for fiscal year 2012-2013, and the same sum, or so much thereof as may be necessary for fiscal year 2013-2014, and the same sum, or so much thereof as may be necessary for fiscal year 2014-2015, to carry out the purposes of section 6 of this Act.
The sums appropriated shall be expended by the board of regents of the University of Hawaii."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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BY REQUEST |