HI SB2550

Establishes a five-year pilot program (July 1, 2014 - June 30, 2019) making the University of Hawaii at Hilo College of Pharmacy financially and managerially independent.

Creates a seven-member board of governors appointed by the University of Hawaii board of regents chair (3 members), governor (1 member with financial management experience), board of pharmacy chair (1 pharmacist member), speaker of the house (1 member), and senate president (1 member).

Establishes the University of Hawaii at Hilo College of Pharmacy Special Fund to be supported by all college revenues including tuition, grants, fees, and donations, with exemptions from central service expenses and departmental administrative charges.

Authorizes the issuance of general obligation bonds and revenue bonds for construction of a college of pharmacy facility, with debt service to be paid from special funds.

Requires the University of Hawaii board of regents to evaluate the college's fiscal sustainability by July 1, 2018, and report findings to the legislature no later than twenty days before the 2019 regular session, with option to terminate the pilot program if criteria for success are not met.