HI SB163

Authorizes issuance of general obligation bonds not to exceed $1,476,137,000 to finance projects in the General Appropriations Act of 2011 and Judiciary Appropriations Act of 2011.

Declares findings required by Hawaii Constitution Article VII, Section 13 that the proposed bond issuance will not cause the state debt limit to be exceeded at the time of issuance.

Establishes debt limit calculations based on 18.5% of average general fund revenues from the three preceding fiscal years, with estimated debt limits ranging from $907.6 million to $1.034 billion for fiscal years 2011-2015.

Accounts for $2.87 billion in total authorized and unissued bonds plus new bonds authorized in this act, proposed to be issued in installments between $321.75 million and $375 million per half-year from fiscal year 2011-2012 through 2014-2015.

Permits issuance of additional general obligation bonds for refunding purposes in accordance with Hawaii Revised Statutes Section 39-16.