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HI HB560
Bill
Status
3/8/2011
Primary Sponsor
Kyle Yamashita
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AI Summary
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Amends Hawaii Revised Statutes Section 26-9(o) to authorize the Director of Finance to transfer funds from the Compliance Resolution Fund to pay interest on General Obligation bonds issued for the Department of Commerce and Consumer Affairs beginning July 1, 2011.
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Requires the director to retroactively fund all interest payments on the general obligation bonds from the Compliance Resolution Fund effective July 1, 2011.
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Establishes an ongoing requirement for the director to collect annual payments from the Compliance Resolution Fund to cover interest on the general obligation bonds each year after the initial retroactive funding.
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Effective date is July 1, 2011.
Legislative Description
Compliance Resolution Fund
Last Action
(S) The committee(s) on CPN recommend(s) that the measure be HELD. The votes in CPN were as follows: 5 Aye(s): Senator(s) Baker, Galuteria, Green, Nishihara, Slom; Aye(s) with reservations: none ; 0 No(es): none; and 2 Excused: Senator(s) Taniguchi, Solomon.
3/15/2011