HI SB2653

Requires the City and County of Honolulu to return $200,000,000 in revenues derived from the county surcharge on state general excise and use taxes to the state general fund to address budget shortfalls.

Authorizes the Director of Finance to issue $300,000,000 in general obligation bonds to reimburse the City and County of Honolulu for the returned surcharge revenues in fiscal year 2010-2011.

Requires that bond proceeds be placed in escrow for transfer to the City and County of Honolulu before any surcharge revenues are returned to the state.

Extends the sunset date of Act 247, Session Laws of Hawaii 2005 from December 31, 2022 to December 31, 2024, continuing the county surcharge on state general excise and use taxes for two additional years.

Takes effect on July 1, 2010.