HB 2339

HOUSE OF REPRESENTATIVES
H.B. NO.
2339
THIRTY-THIRD LEGISLATURE, 2026
H.D. 1
STATE OF HAWAII
S.D. 1
C.D. 1
A BILL FOR AN ACT
RELATING TO THE
UNIVERSITY OF HAWAII REVENUE BONDS.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
���� SECTION 1.�
The legislature finds that it is necessary to allow the university of
Hawaii to issue revenue bonds to help address the university's capital facility
needs.� The construction of new projects
and the renovation, modernization, and major repair of existing facilities have
included, and will continue to include, faculty and student housings,
additional classrooms, laboratories, offices, research facilities, utility
facilities, libraries, student support facilities, athletic facilities, and other
infrastructure requirements.
���� The purpose of this Act is to authorize the
board of regents of the university of Hawaii to issue revenue bonds to complete
as many of its priority capital facility construction, renovation,
modernization, and repair projects as possible.
���� SECTION 2.�
The board of regents of the university of Hawaii, with the approval of
the governor, is authorized to issue revenue bonds from time to time to
finance, in whole or in part, the costs of construction or the costs of
maintenance and modernization, or both, of any university project, any
university system, or any network or combination thereof, including reserves
therefor as the board of regents may direct.�
The total principal amount of the revenue bonds authorized by this Act
shall not exceed $28,500,000; provided that neither revenue bonds issued to
refund revenue bonds heretofore issued, to the extent that the refunding
revenue bonds do not exceed the principal amount of the revenue bonds being
refunded, nor revenue bonds of the board outstanding as of July 1, 2026, shall
cause the amount of the above authorization to be decreased.� The revenue bonds shall be issued pursuant to
part VI of chapter 304A, Hawaii Revised Statutes.� The principal and interest on the revenue
bonds, to the extent not paid from the proceeds of the bonds, shall be paid
solely from and secured solely by the revenue of the university as defined in
section 304A-2671, Hawaii Revised Statutes.
���� SECTION 3.�
There is appropriated out of the revenue bond proceeds and interest
earned thereon authorized by this Act the sum of $28,500,000 or so much thereof
as may be necessary for fiscal year 2026-2027 to carry out the purposes of
section 2 of this Act; provided that students residing in the university of
Hawaii student housing services program who demonstrate financial need, as
determined by the university of Hawaii, and who qualify for the resident
tuition fee pursuant to section 304A-402, Hawaii Revised Statutes, shall be
assisted with a housing allowance, stipend, or similar financial aid to help
offset a portion of any increase in room and board costs resulting from
increased debt service caused by the revenue bonds authorized pursuant to this
Act; provided further that any unexpended and unencumbered balance of the
appropriation shall not lapse at the end of fiscal year 2026-2027 and shall
lapse instead on June 30, 2031.
���� The sum appropriated shall be expended by
the university of Hawaii.
���� SECTION 4.�
The university of Hawaii shall notify the legislature upon the issuance
of the revenue bonds authorized by section 2 of this Act, including a detailed
list and description of all projects to be funded through the revenue bonds
authorized by this Act.� This section
constitutes a law of statewide concern under article X, section 6, of the Hawaii
State Constitution.
���� SECTION 5.�
This Act shall take effect on July 1, 2026.
Report Title:
UH; Board of Regents; Authorization of Revenue Bonds;
Capital Improvement Projects; Appropriation
Description:
Authorizes the Board of Regents of the University of
Hawaii to issue revenue bonds for the purpose of financing qualifying priority
capital improvement projects.�
Appropriates funds.� (CD1)
The summary description
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not legislation or evidence of legislative intent.