SB3050

Report Title:

Revenue Bonds; University of Hawaii

 

Description:

Authorizes revenue bonds to provide private housing for students and faculty, business and entertainment services at all University of Hawaii campuses, including West Oahu.

THE SENATE	S.B. NO.	3050
TWENTY-FIRST LEGISLATURE, 2002
STATE OF HAWAII

A BILL FOR AN ACT

 

relating to bonds.

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

SECTION 1. The legislature finds that the University of Hawaii is growing. Student enrollment and the number of faculty are sure to rise in the near future. To accommodate this growth and to enhance the college town atmosphere, the State is interested in a private venture to provide private housing for students and faculty, and business and entertainment services at all University of Hawaii campuses, including West Oahu.

The legislature finds and declares that the issuance of revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare of the State.

SECTION 2. Pursuant to chapter 39, part III, Hawaii Revised Statutes, the University of Hawaii, with the approval of the governor, is authorized to issue revenue bonds in a total amount not to exceed $50,000,000, in one or more series for the purpose of providing private housing for students and faculty, and business and entertainment services at all University of Hawaii campuses, including West Oahu.

SECTION 3. The revenue bonds issued under this Act shall be issued pursuant to part III of chapter 39, Hawaii Revised Statutes.

SECTION 4. There is appropriated out of the revenue bond proceeds authorized by this Act the sum of $50,000,000, or so much thereof as may be necessary for fiscal year 2002-2003, to carry out the purposes of this Act.

The sum appropriated shall be expended by the University of Hawaii.

SECTION 5. Any unexpended or unencumbered balance of the appropriation made by this Act as of the close of business on June 30, 2005, shall lapse into the general fund.

SECTION 6. This Act shall take effect upon its approval.

INTRODUCED BY:	_____________________________