HI HB783

Amends Hawaii Revised Statutes Section 201H-191 to temporarily authorize the dwelling unit revolving fund to reimburse the general fund for principal payments on general obligation bonds issued for housing projects.

Appropriates $8,600,000 from the dwelling unit revolving fund for fiscal year 2011-2012 to reimburse the general fund for principal on general obligation bonds issued before July 1, 2011.

Allows unencumbered and unexpended balances of the revolving fund as of June 30, 2011, and June 30, 2012, to be appropriated for bond principal reimbursement.

Takes effect July 1, 2011, and repeals on June 30, 2013, with the original statutory language restored after expiration.

Purpose is to temporarily free up general funds for other public purposes by shifting housing bond principal payments to the revolving fund.