S.C.R. No. 163 Summary

• Urges the Department of Accounting and General Services to implement a lease buyback program and adopt administrative rules pursuant to Act 177, Session Laws of Hawaii 2015.

• Lease buyback (sale-leaseback) arrangements allow the State to sell state-owned facilities to private investors and lease them back, generating one-time revenue from asset sales.

• Proceeds from facility sales can retire bonds associated with buildings and supplement the State's general fund for services and unfunded liabilities.

• Act 177 required a $250,000 inventory of all leases between state agencies and private entities and a report on findings and recommendations, which identified underutilized and dilapidated state buildings needing modernization.

• Directs transmission of a certified copy of the resolution to the Comptroller.