HI HB2434

Authorizes Hawaii tourism authority to issue $40,000,000 in revenue bonds to acquire a conservation easement in Turtle Bay, Oahu, with perpetual public access guaranteed.

Allocates $3,000,000 annually in transient accommodations tax revenues to the Turtle Bay conservation easement special fund to pay debt service on the revenue bonds.

Reduces transient accommodations tax allocation to convention center enterprise special fund from $33,000,000 to $26,500,000 annually.

Requires Hawaii tourism authority and department of budget and finance to restructure convention center debt so annual payments do not exceed $16,500,000; if restructuring fails, no Turtle Bay conservation easement funds may be spent.

Requires Hawaii tourism authority to obtain appraisal and perform due diligence on the conservation easement before execution and offer informational briefing to legislature; conservation easement must comply with chapter 198.