HI HB1712

Authorizes issuance of up to $962,996,000 in general obligation bonds to finance projects designated in the Supplemental Appropriations Act of 2014 and Judiciary Supplemental Appropriations Act of 2014.

Makes constitutional findings that the proposed bond issuance will not exceed the state debt limit, which is 18.5% of average general fund revenues from the three preceding fiscal years.

Estimates principal and interest on outstanding general obligation bonds ranging from $686,297,481 in fiscal year 2014-2015 to $472,330,572 in fiscal year 2020-2021.

Proposes bond issuance schedule of $400-600 million in fiscal year 2014-2015, $500 million in fiscal year 2015-2016, and $550 million in fiscal year 2016-2017, assuming 5.25-6.00% net interest rates.

Assumes 0.75% of each bond issue will be excludable reimbursable bonds and that all outstanding guaranties can be excluded from debt limit calculations under constitutional provisions.