HI HB140

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds up to $25,000,000 to assist Chaminade University of Honolulu with financing educational facilities.

Bonds may be used to refinance, construct, and renovate athletic facilities; renovate classrooms, faculty, and administrative offices; conduct structural maintenance on campus buildings and residence halls; improve landscaping; and cover related costs.

Special purpose revenue bonds may be issued in one or more series and can be combined with other separately authorized bond issues pursuant to part VIII, chapter 39A, Hawaii Revised Statutes.

Department of Budget and Finance is authorized to issue refunding bonds after June 30, 2020 to refund the original bonds or subsequent refunding bonds, subject to federal income tax law requirements.

Authorization to issue special purpose revenue bonds lapses on June 30, 2020; Act takes effect July 1, 2015.