HI HB2740

Authorizes the Department of Education to enter into financing agreements or issue certificates of participation for acquisition of public school facilities and related lands, pursuant to chapters 37D and section 36-32 of Hawaii Revised Statutes.

Directs the Department of Education to use financing agreements or certificates of participation as the preferred method for planning, design, and construction of Royal Kunia Elementary School II at Kunia, Oahu.

Appropriates funds from the state educational facilities improvement special fund for fiscal year 2010-2011 for Royal Kunia Elementary School II, with remaining project costs eligible for funding through financing agreements or certificate of participation issuance.

Permits the Department of Education to use certificates of participation financing method, which allows private developers to finance projects upfront in exchange for lease revenue payments, enabling faster project completion at lower costs.

Effective date: July 1, 2050.