S.B. 165 Summary

• Amends Hawaii Revised Statutes Section 26-6 to add "lease buyback processing" to the Department of Accounting and General Services' (DAGS) responsibilities for centralized engineering and office leasing services.

• Authorizes DAGS to facilitate facility agreements allowing private investors to purchase state facilities, renovate or improve them, and lease them back to the State under a "building lease" arrangement.

• Grants the State an option to purchase any facility from the private investor for the remaining balance of debt service costs incurred by the investor at any time.

• Requires DAGS to conduct a complete inventory of all property leases between state agencies and private entities and submit findings and recommendations to the legislature by twenty days prior to the 2016 regular session.

• Appropriates funds from general revenues for fiscal year 2015-2016 to DAGS to conduct the lease inventory; effective date is July 1, 2050.