HI SB2857

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds to finance or refinance dam, reservoir, and appurtenant works projects for dam and reservoir owners subject to chapter 179D.

Requires legislative authorization by a two-thirds vote for each special purpose revenue bond issuance, with authorizations limited to five-year periods and lapses if not issued within that timeframe.

Bonds are payable solely from revenues derived under project agreements with dam and reservoir owners and are not general obligations of the State backed by its taxing power or full faith and credit.

Project parties must unconditionally obligate themselves to pay amounts sufficient to cover bond principal, interest, reserves, and administrative expenses, and must operate, maintain, and repair projects at their own cost.

Effective July 1, 2030, upon ratification of constitutional amendments authorizing the State to issue special purpose revenue bonds to assist dam and reservoir owners.