HI SB1034

Proposes an amendment to Article VII, Section 13 of the Hawaii State Constitution to exempt refunding general obligation bonds from serial maturity requirements.

Removes the requirement that general obligation bonds with terms exceeding two years must mature in substantially equal installments of principal or in substantially equal installments of principal and interest, but only for refunding bonds.

Ballot question asks voters whether to "exempt refunding general obligation bonds from the requirement that all general obligation bonds for a term exceeding two years shall be in serial form maturing in substantially equal installments."

Amendment takes effect upon compliance with Article XVII, Section 3 of the Hawaii State Constitution, which typically requires voter approval in a general election.

Allows the State greater flexibility in structuring refunding bond repayment schedules while maintaining existing requirements for newly issued general obligation bonds.