HI HB1924

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

Defines "tax increment bonds" as bonds payable from real property taxes on assessed valuations in a tax increment district that exceed the assessed valuation from the year before specified public works or improvements, for a period not exceeding a specified number of years.

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

Excludes tax increment bonds from calculations of a county's funded debt limit, provided the principal and interest are paid from the excess tax revenues generated in the tax increment district.

Submits the constitutional amendment to voters with the ballot question: "Shall the Constitution be amended to both require the legislature to enact laws to authorize the counties to issue tax increment bonds and to also exclude the bonds from determinations of the funded debt of the counties?"