SB 1487: UH; Board of Regents; Authorization of Revenue Bonds; Capital Improvement Projects; Appropriations

A BILL FOR AN ACT

RELATING TO THE UNIVERSITY OF HAWAII REVENUE BONDS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The legislature finds that it is necessary to allow the university of Hawaii to issue revenue bonds to help address the university's capital facility needs.  The construction of new projects and the renovation, modernization, and major repair of existing facilities have included, and will continue to include, faculty and student housing, additional classrooms, laboratories, offices, research facilities, utility facilities, libraries, student support facilities, athletic facilities, and other infrastructure requirements.

     The purpose of this Act is to authorize the board of regents of the university of Hawaii to issue revenue bonds to complete its priority capital facility construction, renovation, modernization, and repair projects.

     SECTION 2.  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 maintenance and modernization, or both, of any university project, any university system, or any network or combination thereof, 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 the 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 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 the bonds, shall be paid solely from and secured solely by the revenue 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 2025-2026 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 2025-2026 and shall lapse instead on June 30, 2030.

     The sum appropriated shall be expended by the board of regents of the university of Hawaii.

     SECTION 4.  The university of Hawaii shall notify the legislature upon the issuance of the revenue bonds authorized by section 2 of this Act, including a detailed list 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, 3000.

Report Title:

UH; Board of Regents; Authorization of Revenue Bonds; Capital Improvement Projects; Appropriations

Description:

Authorizes the Board of Regents of the University of Hawaii to issue revenue bonds for the purpose of financing qualifying priority capital improvement projects.  Appropriates funds.  Effective 7/1/3000.  (HD1)

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.

A BILL FOR AN ACT

RELATING TO THE UNIVERSITY OF HAWAII REVENUE BONDS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The legislature finds that it is necessary to allow the university of Hawaii to issue revenue bonds to help address the university's capital facility needs.  The construction of new projects and the renovation, modernization, and major repair of existing facilities have included, and will continue to include, faculty and student housings, additional classrooms, laboratories, offices, research facilities, utility facilities, libraries, student support facilities, athletic facilities, and other infrastructure requirements.

     The purpose of this Act is to authorize the board of regents of the university of Hawaii to issue revenue bonds to complete as many of its future priority capital facility construction, renovation, modernization, and repair projects as possible.

     SECTION 2.  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 maintenance and modernization, or both, of any university project, any university system, or any network or combination thereof, 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 the 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 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 the bonds, shall be paid solely from and secured solely by the revenue 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 2025-2026 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 2025-2026 and shall lapse instead on June 30, 2030.

     The sum appropriated shall be expended by the board of regents of the university of Hawaii.

     SECTION 4.  The university of Hawaii shall notify the legislature upon the issuance of the revenue bonds authorized by section 2 of this Act, including a detailed list 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 31, 2050.

Report Title:

UH; Board of Regents; Authorization of Revenue Bonds; Capital Improvement Projects; Appropriations

Description:

Authorizes the Board of Regents of the University of Hawaii to issue revenue bonds for the purpose of financing qualifying priority capital improvement projects.  Appropriates funds.  Effective 7/31/2050.  (SD1)

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.

A BILL FOR AN ACT

RELATING TO THE UNIVERSITY OF HAWAII REVENUE BONDS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The legislature finds that it is necessary to allow the university of Hawaii to issue revenue bonds to help address the university's capital facility needs.  The construction of new projects and the renovation, modernization, and major repair of existing facilities have included, and will continue to include, faculty and student housings, additional classrooms, laboratories, offices, research facilities, utility facilities, libraries, student support facilities, athletic facilities, and other infrastructure requirements.

     The purpose of this Act is to authorize the board of regents of the university of Hawaii to issue revenue bonds for up to $800,000,000 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 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 maintenance and modernization, or both, of any university project, any university system, or any network or combination thereof, 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 $800,000,000; provided that neither revenue bonds issued to refund revenue bonds heretofore issued, to the extent that the 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 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 the bonds, shall be paid solely from and secured solely by the revenue 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 $800,000,000 or so much thereof as may be necessary for fiscal year 2025-2026 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 2025-2026 and shall lapse instead on June 30, 2030.

     The sum appropriated shall be expended by the board of regents of the university of Hawaii.

     SECTION 4.  The university of Hawaii shall notify the legislature upon the issuance of the revenue bonds authorized by section 2 of this Act, including a detailed list and description of all projects to be funded through the revenue bonds authorized by this Act.

     SECTION 5.  This Act shall take effect upon its approval.

Report Title:

UH; Board of Regents; Authorization of Revenue Bonds; Capital Improvement Projects

Description:

Authorizes the Board of Regents of the University of Hawaii to issue revenue bonds for up to $800,000,000 for the purpose of financing qualifying priority capital improvement projects.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.

STAND. COM. REP. NO.  1280

Honolulu, Hawaii

                , 2025

RE:   S.B. No. 1487

      S.D. 1

      H.D. 1

Honorable Nadine K. Nakamura

Speaker, House of Representatives

Thirty-Third State Legislature

Regular Session of 2025

State of Hawaii

Madame:

     Your Committee on Higher Education, to which was referred S.B. No. 1487, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE UNIVERSITY OF HAWAII REVENUE BONDS,"

begs leave to report as follows:

     The purpose of this measure is to authorize the Board of Regents of the University of Hawaii to issue revenue bonds and appropriate funds out of the revenue bond proceeds to finance qualifying priority capital improvement projects of the University of Hawaii.

     Your Committee received testimony in support of this measure from the University of Hawaiʻi System.

     Your Committee finds that authorizing the University of Hawaii to issue revenue bonds will help address the University's capital facility needs, including the construction of new projects and the renovation, modernization, and major repair of existing facilities, including for faculty and student housing, additional classrooms, laboratories, offices, research facilities, utility facilities, libraries, student support facilities, athletic facilities, and other infrastructure requirements.

     Your Committee has amended this measure by:

     (1)  Changing the effective date to July 1, 3000, to encourage further discussion; and

     (2)  Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Higher Education that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1487, S.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1487, S.D. 1, H.D. 1, and be referred to your Committee on Finance.

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

STAND. COM. REP. NO. 864

Honolulu, Hawaii

RE:    S.B. No. 1487

       S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Third State Legislature

Regular Session of 2025

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B. No. 1487, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE UNIVERSITY OF HAWAII REVENUE BONDS,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the Board of Regents of the University of Hawaii to issue revenue bonds to finance qualifying priority capital improvement projects.

     Your Committee received written comments in support of this measure from the University of Hawaii System.

     Your Committee finds that the University of Hawaii has various capital facility needs, including the construction of new projects and the renovation, modernization, and major repair of existing facilities.  Your Committee further finds that the authorization in this measure to issue revenue bonds will help finance and address the university's capital facility needs.

     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. 1487, S.D. 1, and recommends that it pass Third Reading.

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

STAND. COM. REP. NO. 523

Honolulu, Hawaii

RE:    S.B. No. 1487

       S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Third State Legislature

Regular Session of 2025

State of Hawaii

Sir:

     Your Committee on Higher Education, to which was referred S.B. No. 1487 entitled:

"A BILL FOR AN ACT RELATING TO THE UNIVERSITY OF HAWAII REVENUE BONDS,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the Board of Regents of the University of Hawaii to issue revenue bonds for up to $800 million to complete as many of its priority capital facility construction, renovation, modernization, and repair projects as possible.

     Your Committee received testimony in support of this measure from the University of Hawaiʻi System.

Your Committee finds that while the University of Hawaii does not currently have any specific projects on the horizon identified for revenue, pre-emptively authorizing the University to issue revenue bonds for capital projects will allow the University to address any projects that materialize.  Your Committee further finds that should any projects arise, the University would require a budget appropriation by the Legislature and the approval of the Board of Regents and Governor.  This measure will allow the University to identify any capital improvement projects that could be funded through revenue bonds up until June 30, 2030.

     Your Committee has amended this measure by:

     (1)  Changing the maximum amount appropriated out of the revenue bonds and interest earned thereon authorized by this measure for the University of Hawaii to carry out the purposes of this measure from $800 million to an unspecified amount;

     (2)  Inserting an effective date of July 31, 2050, to encourage further discussion; and

     (3)  Making technical, nonsubstantive amendments for the purposes of clarity and consistency.

     As affirmed by the record of votes of the members of your Committee on Higher Education that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1487, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1487, S.D. 1, and be referred to your Committee on Ways and Means.

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