HI HB1369

Proposes constitutional amendments to Hawaii Constitution Article VII, sections 12 and 13, to authorize counties to issue tax increment bonds.

Defines "tax increment bonds" as bonds payable from real property taxes on assessed valuation increases in a designated tax increment district, for a period not exceeding a specified number of years.

Requires the legislature to enact general laws authorizing political subdivisions to issue tax increment bonds and prescribing the manner and procedure for issuance.

Excludes tax increment bonds from calculations of funded debt limits for counties, provided the principal and interest are paid from tax revenues on the valuation increase in the tax increment district.

Ballot question asks voters whether to amend the Constitution to authorize tax increment bond issuance by counties and exclude them from funded debt determinations.