With the governor’s approval, the University of Hawaii can finance facility work through up to $28.5 million in bonds repaid from university revenue.
With the governor’s approval, the university can borrow up to $28.5 million for facilities. The law sets aside up to $28.5 million from bond proceeds and earned interest for this work.
Students in university housing who show financial need and qualify for resident tuition must receive aid toward any room and board increase caused by these bond payments.
When the university issues these bonds, it must tell the legislature and provide a detailed list and description of all projects the bonds will fund.
The University of Hawaii’s Board of Regents may issue revenue bonds, a form of borrowing repaid from university revenue, with the governor’s approval. Financing covers construction, maintenance, and modernization of university facilities and systems, including money held in reserve as the board directs. The borrowing limit is $28.5 million. Bonds already outstanding on July 1, 2026, do not reduce that limit. Neither do bonds replacing earlier bonds, to the extent they do not exceed the principal being replaced. Principal and interest, unless paid from bond proceeds, must be paid and backed solely by university revenue. The university may spend up to $28.5 million from bond proceeds and interest earned on them; the law does not guarantee that the full amount will be spent. The law took effect July 1, 2026. Money is set aside for fiscal year 2026–2027. Any balance neither spent nor committed remains available until June 30, 2031, when it expires.
The University of Hawaii must provide a housing allowance, stipend, or similar aid to eligible students. This requirement covers students living in the University of Hawaii student housing services program. The university must determine that the student has financial need, and the student must qualify for resident tuition. Aid must help cover a portion of any room and board increase caused by increased payments on the bonds authorized by this law. The requirement took effect July 1, 2026, and applies when increased payments on these bonds cause room and board costs to rise.
The University of Hawaii must notify the legislature when it issues bonds authorized by this law. The notice covers projects financed through the bonds authorized by this law. The notice must include a detailed list and description of every project to be funded through these bonds. The duty took effect July 1, 2026. Notice is required upon bond issuance.
No hearings or votes scheduled.