HI SB2948

Clarifies that certificates of participation under Hawaii's financing agreement program do not require legislative approval prior to issuance

Amends the measure to subject certificates of participation to the financing agreement limitation in section 37D-2(b)(1), Hawaii Revised Statutes, restricting payable amounts to available moneys

Addresses concern that without limitations, certificate issuance could be considered state debt subject to constitutional debt limits

Requires debt service for certificates of participation to remain subject to annual legislative appropriation to avoid constitutional debt classification

Debt service obligations must be limited to available moneys by the issuing agency or Department of Budget and Finance