HI HB1838

Authorizes issuance of general obligation bonds up to $436,726,000 to finance projects designated in the Supplemental Appropriations Act of 2012 and Judiciary Supplemental Appropriations Act of 2012.

Declares that the total principal and interest on proposed bonds, combined with all outstanding and authorized unissued bonds, will not exceed the state's constitutional debt limit of 18.5% of average general fund revenues.

Establishes debt limit estimates for fiscal years 2011-2012 through 2014-2015, ranging from $923,694,264 to $1,055,818,433 based on projected general fund revenues.

Assumes bonds will be issued at a maximum net average interest rate of 5.25% following a 20-year serial structure with principal repayment beginning in the fifth year.

Provides that proposed bond issuances of $1,625,000,000 through fiscal year 2013-2014 and $825,000,000 in fiscal year 2014-2015 will be sufficient to meet all authorized and unissued bond requirements.