THE SENATE
S.B. NO.
3218
THIRTY-THIRD LEGISLATURE, 2026
S.D. 2
STATE OF HAWAII
H.D. 1
A BILL FOR AN ACT
RELATING TO BONDS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
PART I
SECTION 1. Section 46-102, Hawaii Revised Statutes, is amended as follows:
1. By adding a new definition to be appropriately inserted and to read:
"[Underlined: "Housing infrastructure growth bonds" has the same meaning as in article VII, section 12, of the Hawaii State Constitution that are issued pursuant to this part.]"
2. By amending the definitions of "adjustment rate", "assessment base", and "assessment increment" to read:
""Adjustment rate" means a percentage rate or rates of adjustment of the assessment base determined by the director of finance at the time the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district is established, based on the historical and projected increases to the assessed values of taxable real property within the boundary of the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district and the projected cost increases to the county for servicing the new developments within the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district."
"Assessment base" means the total assessed values of all taxable real property in a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district as most recently certified by the director of finance on the date of creation of the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district.
"Assessment increment" means the amount by which the current assessed values of taxable real property located within the boundaries of a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district exceeds its assessment base."
3. By amending the definitions of "council" and "county" to read:
""Council" means the council of the county in which a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district is situated.
"County" has the same meaning as [[Struck through: set forth]] in section 1-22 and means the county in which a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district is situated."
4. By amending the definition of "project costs" to read:
""Project costs" means expenditures made or estimated to be made or monetary obligations incurred or estimated to be incurred by the agency that are listed in a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing plan as costs of public works or public improvements in a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district, plus other costs incidental to the expenditures or obligations. Project costs include:
(1) Capital costs, including the actual costs of the construction of public works or public improvements, new buildings, structures, and fixtures; the actual costs of the demolition, alteration, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures; and the actual costs of the acquisition, clearing, and grading of land;
(2) Financing costs, including[[Struck through: , but not limited to,]] all necessary and incidental expenses related to the issuance of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds and all interest paid to holders of evidences of indebtedness or other obligations issued to pay for project costs, any capitalized interest, [Underlined: the funding or replenishment of any reserves securing the payment of the housing infrastructure growth bonds,] and any premium paid over the principal amount of the obligations because of the redemption of the obligations prior to maturity;
(3) Professional service costs, including architectural, planning, engineering, marketing, appraisal, financial consultant, and special services and legal advice;
(4) Imputed administrative costs, including reasonable charges for the time spent by employees of the agency in connection with the implementation of a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing plan;
(5) Relocation costs to the extent required by federal or state law;
(6) Organizational costs, including the costs of conducting environmental impact studies or other studies, the costs of publicizing the creation of a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district, and the cost of implementing the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing plan for the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district; [Underlined: and]
(7) Payments determined by the county council to be necessary or convenient to the creation of a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district or to the implementation of the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing plan for the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district."
5. By amending the definitions of "tax increment district", "tax increment financing plan", and "tax increment fund" to read:
"[[Struck through: "Tax increment]] [Underlined: "Housing infrastructure growth] district" or "district" means a contiguous or noncontiguous geographic area designated pursuant to section 46-103 by the county council for the purpose of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing.
[[Struck through: "Tax increment]] [Underlined: "Housing infrastructure growth] financing plan" means the plan for [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing for a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district submitted to the county council. The [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing plan shall contain estimates of: [[Struck through: project]]
[Underlined: (1)] [Underlined: Project] costs; [[Struck through: amount]]
[Underlined: (2)] [Underlined: The amount] of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds to be issued; [[Struck through: sources]]
[Underlined: (3)] [Underlined: Sources] of revenue to finance or otherwise pay project costs; [[Struck through: the]]
[Underlined: (4)] [Underlined: The] most recent assessed value of taxable real property in the district; [[Struck through: the]]
[Underlined: (5)] [Underlined: The] duration of the district's existence; and [[Struck through: statements]]
[Underlined: (6)] [Underlined: Statements] from the county's department of finance, and the county's department of budget, if applicable, regarding the financial and budgetary impacts on the county resulting from the proposed [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing plan.
[[Struck through: "Tax increment]] [Underlined: "Housing infrastructure growth] fund" means a fund [[Struck through: which shall be]] held by the director of finance or other fiduciary designated by the county council and into which all tax increments and other moneys pledged by the county for payment of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds are paid, and all proceeds from the sale of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds are deposited, and from which moneys are disbursed to pay project costs for the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district or to satisfy claims of holders of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds issued for the district."
6. By repealing the definition of "tax increment bond".
["[Struck through: "Tax increment bonds" mean bonds, notes, interim certificates, debentures, or other obligations issued pursuant to this part.]"]
SECTION 2. Section 46-104, Hawaii Revised Statutes, is amended to read as follows:
"§46-104 County powers. A county may exercise any power necessary and convenient to establish [[Struck through: tax increment]] [Underlined: housing infrastructure growth] districts, including the power to:
(1) Create [[Struck through: tax increment]] [Underlined: housing infrastructure growth] districts and determine the boundaries of the districts;
(2) Issue [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds;
(3) Deposit tax increments into the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund created for a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district; and
(4) Enter into agreements, including agreements with [[Struck through: the]] [Underlined: any] redevelopment agency and owners or developers of project lands and bondholders, determined to be necessary or convenient to implement redevelopment plans or community development plans, as the case may be, and achieve their purposes."
SECTION 3. Section 46-105, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) If a county exercises the power allowed under this part, then commencing with the first payment of real property taxes levied by the county subsequent to the time a [[Struck through: tax increment]] district takes effect, receipts from real property taxes shall be allocated and paid over as follows:
(1) The amount of real property tax produced from the assessment base shall be paid to the county general fund; and
(2) The tax increments produced from the assessment increment in the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district shall be applied as follows:
(A) First, an amount equal to the installment of (i) principal and interest falling due of any [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds, or (ii) any project cost approved by the county, shall be deposited into the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund established for the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district[[Struck through: .]][Underlined: ;]
(B) Second, an amount equal to the adjustment rate times the amount of real property tax produced from the assessment base shall be computed and paid to the county general fund[[Struck through: .]][Underlined: ; and]
(C) Third, the remaining amount of tax increments, if any, shall be deposited into the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund established for the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district."
SECTION 4. Section 46-106, Hawaii Revised Statutes, is amended to read as follows:
"§46-106 [[Struck through: Tax increment]] [Underlined: Housing infrastructure growth] bonds. (a) A county may issue [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds, the proceeds of which may be used to pay project costs for a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district or to satisfy claims of bondholders. The county may issue refunding bonds [[Struck through: previously issued by the county]] for the purpose of paying or retiring [Underlined: housing infrastructure growth bonds previously issued by the county,] or in exchange for [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds previously issued by the county. Principal and interest on [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds shall be made payable, as to both principal and interest, solely from the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund established for the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district.
A county may provide in its contract with the owners or holders of the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds that the county will pay into the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund all or any part of the revenue or money produced or received as a result of the operation or sale of a facility acquired, improved, or constructed pursuant to a redevelopment plan or community development plan, as the case may be, to be used to pay principal and interest on the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds and, if a county so agrees, the owners or holders of the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds may have a lien or mortgage on any facility acquired, improved, or constructed with the proceeds of the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds.
(b) [[Struck through: Tax increment]] [Underlined: Housing infrastructure growth] bonds, and the income therefrom, issued pursuant to this part shall be exempt from all state and county taxation, except estate and transfer taxes.
The bonds shall be authorized by ordinance and may be issued in one or more series. The [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds of each issue shall be dated, be payable upon demand or mature at a time or times not exceeding thirty years from their date of issuance, bear interest at a rate or rates, be in a denomination or denominations, be in registered form, have a rank or priority, be executed in a manner, be payable in a medium of payment at a place or places, and be subject to terms of redemption (with or without premium), be secured in a manner, and have other characteristics as may be provided by the ordinance providing for issuance of the bonds or by the trust indenture or mortgage issued in connection with the bonds. The county may sell [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds in such manner, either at public or private sale, and for such price as it may determine.
(c) Prior to the preparation of definitive [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds, the county may issue interim receipts or temporary bonds exchangeable for definitive bonds when such bonds have been executed and are available for delivery.
(d) Should any bond issued under this part become mutilated or be lost, stolen, or destroyed, the county may cause a new bond of like date, number, and tenor to be executed and delivered in exchange and substitution for, and upon the cancellation of such mutilated bond, or in lieu of and in substitution for such lost, stolen, or destroyed bond. Such new bond shall not be executed or delivered until the holder of the mutilated, lost, stolen, or destroyed bond:
(1) Has paid reasonable expenses and charges in connection therewith;
(2) In the case of a lost, stolen, or destroyed bond, has filed with the county or its fiduciary satisfactory evidence that such bond was lost, stolen, or destroyed, and that the holder was owner thereof; and
(3) Has furnished indemnity satisfactory to the county.
(e) Notwithstanding any of the provisions of this part or any recital in any [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bond issued under this part, all [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds shall be deemed to be investment securities under the Uniform Commercial Code, chapter 490, subject only to the provisions pertaining to registration.
(f) In any suit, action, or other proceeding involving the validity or enforceability of a bond issued under this part or the security for a bond or note issued under this part, a bond reciting in substance that it had been issued by the county for a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district shall be conclusively deemed to have been issued for that purpose, and the development or redevelopment of the district conclusively shall be deemed to have been planned, located, and carried out as provided by this part.
(g) All banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking or investment business; all insurance companies, insurance associations, and other persons carrying on an insurance business; and all personal representatives, administrators, curators, trustees, and other fiduciaries legally may invest sinking funds, money, or other funds belonging to them or within their control in [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds issued by a county pursuant to this part. The bonds shall be authorized security for all public deposits. Any person, political subdivision, and officer, public or private, are authorized to use funds owned or controlled by them for the purchase of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds. This part does not relieve any person of the duty to exercise reasonable care in selecting securities.
(h) [[Struck through: Tax increment]] [Underlined: Housing infrastructure growth] bonds shall be payable only out of the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund. The county council may pledge irrevocably all or a part of the fund for payment of the bonds. The part of the fund pledged in payment thereafter shall be used only for the payment of the bonds or interest or redemption premium, if any, on the bonds until the bonds have been fully paid. A holder of the bonds shall have a lien against the fund for payment of the bonds and interest thereon and may either at law or in equity protect and enforce such lien.
(i) No officer of the county[Underlined: ,] including any officer executing [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds[Underlined: ,] shall be liable for the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds by reason of the issuance thereof. [[Struck through: Tax increment]] [Underlined: Housing infrastructure growth] bonds issued under this part shall not be general obligations of the State or county, nor in any event shall they give rise to a charge against the general credit or taxing powers of the State or county or be payable other than as provided by this part. No holder of bonds issued under this part shall have the right to compel any exercise of the taxing power of the State or county to pay such bonds or the interest thereon, and no moneys other than the moneys in the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund pledged to the bonds shall be applied to the payment thereof. [[Struck through: Tax increment]] [Underlined: Housing infrastructure growth] bonds issued under this part shall state these restrictions on their face.
(j) The [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds bearing the signature or facsimile signature of officers in office on the date of the signing thereof shall be valid and sufficient for all purposes, notwithstanding that before [[Struck through: the]] delivery [[Struck through: thereof]] and payment [[Struck through: therefor]][Underlined: ,] any or all persons whose signatures appear thereon shall have ceased to be officers of the county.
(k) [[Struck through: Tax increment]] [Underlined: Housing infrastructure growth] bonds shall not be issued in an amount exceeding the total costs of implementing the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] financing plan for which they were issued."
SECTION 5. Section 46-110, Hawaii Revised Statutes, is amended to read as follows:
"§46-110 [[Struck through: Tax increment]] [Underlined: Housing infrastructure growth] fund. (a) Money shall be disbursed from the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund for a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district only to satisfy the claims of holders of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds issued for the [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district or to pay project costs for the district, or to make payments to the county as provided by subsection (c).
(b) Subject to an agreement with the holders of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds, money in a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] fund may be temporarily invested in the same manner as other funds of the county.
(c) In any year in which the tax increment exceeds the amount necessary to pay all project costs and all installments of principal and interest of [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds issued for a [[Struck through: tax increment]] [Underlined: housing infrastructure growth] district falling due[Underlined: , the funding or replenishment of any reserves securing the payment of any housing infrastructure growth bonds,] and the amount paid to the county general fund pursuant to section 46-105(b)(2)(B), and subject to any agreement with bondholders, any excess money in the fund at the option of the county council, shall be used to redeem or purchase any outstanding [[Struck through: tax increment]] [Underlined: housing infrastructure growth] bonds issued for the district, discharge the pledge of tax increment therefor, be paid into an escrow account dedicated to the payment of [[Struck through: such]] [Underlined: the] bonds, be paid over to the county general fund, or any combination thereof."
SECTION 6. Sections 46-101, 46-103, 46-107, 46-108, 46-109, 46-111, and 46-112, Hawaii Revised Statutes, are amended by substituting the term "housing infrastructure growth", or similar term, wherever the term "tax increment", or similar term, appears as the context requires.
PART II
SECTION 7. Section 47C-1, Hawaii Revised Statutes, is amended to read as follows:
"§47C-1 Definitions. As used in sections 47C-1 through 47C-6, the following words and terms shall have the following meanings or inclusions:
"Chairperson of the finance committee" [[Struck through: shall mean]] [Underlined: means] the chairperson of the finance committee of the council of the county, or if the council of the county does not have a finance committee, the member of the council appointed by the council to perform the functions required by this chapter to be performed by the chairperson of the finance committee of the council.
"Corporation counsel" [[Struck through: shall mean]] [Underlined: means] the chief legal advisor or legal representative of the county.
"County" [[Struck through: shall include]] [Underlined: includes] each county of the State, including the city and county of Honolulu.
"Director of finance" [[Struck through: shall mean]] [Underlined: means] the director of finance of the county, or if the county does not have a director of finance, the officer of the county in whom is vested the functions and powers of maintaining the treasury of the county and issuing and selling, paying interest on, and redeeming bonds of the county.
"Fiscal year" [[Struck through: shall mean]] [Underlined: means] the fiscal year of the county as defined in section 46-41.
"Special assessment bonds" [[Struck through: shall mean]] [Underlined: means] bonds issued under special improvement statutes when the only security for [[Struck through: such]] [Underlined: the] bonds is the assessments or special taxes levied and assessed under those statutes or properties subject to the assessments or special taxes.
As used in sections 47C-1 through 47C-6, the words or terms "bonds", "general obligation bonds", [Underlined: "housing infrastructure growth bonds",] "net revenue", "net user tax receipts", "reimbursable general obligation bonds", "revenue bonds", "special purpose revenue bonds", and "user tax" shall have the respective meanings and inclusions given to [[Struck through: such]] [Underlined: those] words and terms in [[Struck through: section 12 of article VII of the constitution.]] [Underlined: article VII, section 12, of the Hawaii State Constitution.]"
SECTION 8. Section 47C-2, Hawaii Revised Statutes, is amended to read as follows:
"§47C-2 Determination of funded debt. Within ninety days after the first day of each fiscal year, the director of finance of each county shall ascertain and set forth in a tabular summary the total indebtedness of the county outstanding and unpaid as of the first day of [[Struck through: such]] [Underlined: that] fiscal year. The summary shall include the following:
(1) An itemization of the total principal amount of all general obligation bonds, reimbursable general obligation bonds, revenue bonds, special assessment bonds, special purpose revenue bonds, [Underlined: housing infrastructure growth bonds,] and all other bonds of the county outstanding and unpaid, including bonds [[Struck through: which]] [Underlined: that] may be excluded under clauses 1, 2, 3, 4, 5, 6, 8, [[Struck through: and]] 9[Underlined: , and 10] of [[Struck through: section 13 of article VII of the constitution]] [Underlined: article VII, section 13, of the Hawaii State Constitution] when determining the funded debt of the county for the purposes of that section together with a grand total of [[Struck through: such]] [Underlined: the] total principal amounts[[Struck through: .]][Underlined: ;]
(2) The total principal amount of all bonds of the State required by clause [[Struck through: (7)]] [Underlined: 7] of [[Struck through: section 13 of article VII of the constitution]] [Underlined: article VII, section 13, of the Hawaii State Constitution] to be included when determining the funded debt of the county for the purposes of that section[[Struck through: .]][Underlined: ;]
(3) A grand total of the total principal amounts set forth in the summary pursuant to paragraphs (1) and (2)[[Struck through: .]][Underlined: ;]
(4) An itemization of the total of the principal amount of all general obligation bonds, reimbursable general obligation bonds, revenue bonds, special assessment bonds, [[Struck through: and]] special purpose revenue bonds[Underlined: , and housing infrastructure growth bonds] of the county outstanding and unpaid [[Struck through: which]] [Underlined: that] may be excluded under clauses 1, 2, 3, 4, 5, 6, 8, [[Struck through: and]] 9[Underlined: , and 10] of [[Struck through: section 13 of article VII of the constitution]] [Underlined: article VII, section 13, of the Hawaii State Constitution] when determining the total funded debt of the county for the purposes of that section, together with a grand total of [[Struck through: such]] [Underlined: the] total principal amounts[[Struck through: .]][Underlined: ; and]
(5) The difference between the grand total principal amount set forth in the summary pursuant to paragraph (3) and the grand total principal amount set forth in the summary pursuant to paragraph (4).
The director of finance shall also prepare and attach to the tabular summary [[Struck through: such]] [Underlined: the] supporting schedules as may be required to set forth in detail the bonds included in the itemizations required by paragraphs (1) and (4). [[Struck through: Such]] [Underlined: The] supporting schedules shall also set forth or make reference to the relevant statutory, charter, ordinance, or other legal provision, and the relevant figures of assessment collections, revenues, user tax receipts, cost of operation, maintenance and repair, net revenues, net user tax receipts, reimbursements to the general fund, and other financial information, justifying the inclusion of [[Struck through: such]] [Underlined: the] bonds in the itemization required by paragraph (4). The director of finance shall indicate in the supporting schedules whether the financial findings and figures are based upon the records of the director's office or upon audited statements and reports, and if based upon the latter, shall identify in the schedules the audited reports and statements."
SECTION 9. Section 47C-3, Hawaii Revised Statutes, is amended to read as follows:
"§47C-3 Supplemental determination. Whenever the county proposes to issue bonds, the director of finance shall prepare a supplemental summary of the indebtedness of the county setting forth [[Struck through: therein such]] [Underlined: the] information and findings as of a date within thirty days of the delivery of [[Struck through: such]] [Underlined: the] bonds as will bring up to date and make current the most recent summary prepared in accordance with the provisions of section 47C-2. The director of finance shall also prepare and attach to [[Struck through: such]] [Underlined: the] supplemental summary [[Struck through: such]] [Underlined: the] supporting schedules [[Struck through: as]] [Underlined: that] may be required to set forth in detail the variations and changes from the summary prepared in accordance with section 47C-2, including [[Struck through: such]] [Underlined: the] legal and financial findings [[Struck through: as]] [Underlined: that] will justify any changes in the itemizations set forth in [[Struck through: such]] [Underlined: the] previous summary pursuant to the requirements of [[Struck through: paragraph (4) of section 47C-2.]] [Underlined: section 47C-2(4).] If all the bonds proposed to be issued may be excluded when determining the funded debt of the county for the purposes of [[Struck through: section 13 of article VII of the constitution]] [Underlined: article VII, section 13, of the Hawaii State Constitution] by reason of the provisions of clauses 2 [[Struck through: or]][Underlined: , 4, or 10] of that section, the supplemental summary and supporting schedules may be limited to [[Struck through: such]] [Underlined: those] bonds and findings as are necessary to justify [[Struck through: such]] [Underlined: the] exclusion under [[Struck through: such]] [Underlined: those] clauses.
In the event proceeds of the bonds proposed to be issued are to be applied to the retirement in the then fiscal year of outstanding bonds, including notes issued in anticipation of the issuance of the bonds proposed to be issued, for the purpose of applying the provisions of clause 1 of [[Struck through: section 13 of article VII of the constitution]] [Underlined: article VII, section 13, of the Hawaii State Constitution] to the bonds to be retired, that amount of [[Struck through: such]] [Underlined: the] proceeds to be [[Struck through: so]] applied may be considered and treated as moneys irrevocably set aside for the payment of [[Struck through: such]] [Underlined: the] bonds."
PART III
SECTION 10. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 11. This Act shall take effect on July 1, 3000, and upon ratification of a constitutional amendment expressly providing that the legislature may authorize the counties to issue housing infrastructure growth bonds and excluding housing
infrastructure growth bonds from determinations of the funded debt of the counties.
Report Title:
Housing Infrastructure Growth Bonds; Counties; County Debt Limit Statements
Description:
Part I: Substitutes the word "tax increment" with "housing infrastructure growth" for purposes of the Housing Infrastructure Growth Financing Act, except under certain circumstances. Part II: Conforms state law concerning county debt limits to permit counties to exclude housing infrastructure growth bonds from the debt limit of the counties, if a constitutional amendment authorizing the use of housing infrastructure growth bonds and excluding housing infrastructure growth bonds from determinations of the counties' funded debt is ratified. Effective 7/1/3000. (HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.