HB1033 Summary

• Creates a new chapter in Hawaii Revised Statutes to establish procedures for allocating the state's federal bond ceiling to state and county issuers.

• Authorizes the Department of Budget and Finance, with gubernatorial approval, to allocate portions of the state bond ceiling to any issuer for specific calendar years or shorter periods.

• Requires issuers receiving allocations to report their use through certificates sent to the department, which maintains records of all allocations made.

• Allows county finance directors and other issuers to carry forward unused allocations to future years if permitted by federal tax law, or return unused allocations to the state for reallocation.

• Applies to bonds issued with tax-exempt interest, tax credits, and interest subsidies under the Internal Revenue Code, as limited by federal legislation including the American Recovery and Reinvestment Act of 2009.