H.B. 2005 Summary

• Authorizes the University of Hawaii Board of Regents, with gubernatorial approval, to issue revenue bonds totaling up to $100,000,000 to finance construction, maintenance, and capital improvements of university facilities.

• Revenue bonds may be used for projects including faculty and student housing, classrooms, laboratories, research facilities, libraries, parking structures, and athletic facilities.

• Principal and interest payments on revenue bonds shall be paid solely from university revenue as defined in Hawaii Revised Statutes section 304A-2671, with refunding bonds and existing bonds excluded from the $100,000,000 cap.

• Appropriates $100,000,000 from revenue bond proceeds for fiscal year 2018-2019, with any unexpended balance not lapsing until June 30, 2022.

• University of Hawaii must notify the legislature upon issuing the authorized revenue bonds, providing a detailed listing and description of all projects to be funded.