HB 1350 Summary

• Proposes amendment to Hawaii Constitution Article VII, Section 12 to authorize special purpose revenue bonds (SPRBs) to assist real estate developers to provide infrastructure, including highway improvements.

• Adds real estate developers as a new category (item 8) to the list of special purpose entities eligible for special purpose revenue bonds, alongside manufacturing, utilities, healthcare, education, housing, and agricultural enterprises.

• Requires legislature to approve SPRB issuance for real estate developers by two-thirds vote of each house through separate enabling legislation and individual legislative bills.

• Permits combining multiple SPRB issues for real estate developers into a single bond issue, consistent with existing provisions for schools and universities.

• Requires governor to provide annual November report to legislature on cumulative amount of all special purpose revenue bonds authorized and issued.