Bill Text: HI SB2534 | 2012 | Regular Session | Amended
Bill Title: Public School Facilities; Public Land Development Corporation
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2012-07-10 - (S) Act 309, 7/9/2012 (Gov. Msg. No. 1426). [SB2534 Detail]
Download: Hawaii-2012-SB2534-Amended.html
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THE SENATE |
S.B. NO. |
2534 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO PUBLIC SCHOOL FACILITIES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 171C, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§171C- School facilities special fund. (a) There is established a school facilities special fund into which shall be deposited all proceeds from leases, permits, interest income generated from public school lands and facilities, and other revenue generated from the non-permanent disposition of public school lands and facilities under this chapter, less the following:
(1) The principle and interest on bonds issued pursuant to this chapter for projects on public school lands or utilizing public school facilities;
(2) The cost of administering, operating, and maintaining projects on public school lands or utilizing public school facilities, not to exceed fifteen per cent of the sums collected, net of principal and interest payments on bonds; and
(3) Other sums that may be necessary for the issuance of bonds under this chapter.
(b) The school facilities special fund shall be administered by the department of education in consultation with the board of education. Except as otherwise provided, all moneys in the school facilities special fund shall be used exclusively for the new construction and upgrade of twenty-first century school facilities, and the retrofit and upgrade of existing school facilities to meet twenty-first century school standards."
SECTION 2. Section 171C-17, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) There is established the Hawaii public land development revolving fund, to which shall be credited any state appropriations to the fund, any sums collected as a result of bonds issued pursuant to this chapter, any revenues generated from the facilities, except as provided in section 171C‑ , or other moneys made available to the fund, to be expended as directed by the corporation."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
Report Title:
Education; Public School Facilities
Description:
Establishes the school facilities special fund. Requires that income generated by the public land development corporation from public school lands and facilities be deposited into the school facilities special fund for the purposes of new construction, upgrades, and retrofit and upgrade of public school facilities. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
