HI HB73

Authorizes issuance of general obligation bonds up to $944,607,497 to finance projects in the General Appropriations Act of 2015, Judiciary Appropriations Act of 2015, and three Senate bills designated for financing from the general obligation bond fund.

Declares that the total principal and interest on authorized bonds, unissued bonds, outstanding bonds, and guaranties will not exceed the state debt limit of 18.5% of average general fund revenues as required by Article VII, Section 13 of the State Constitution.

Proposes bond issuance schedule of $500 million semiannually in fiscal year 2015-2016, $550 million semiannually in 2016-2017, and $325 million semiannually in 2017-2018 and 2018-2019 with assumption of 6.00% interest rate maximum.

Assumes 0.50% of bond issues will be excludable from the debt limit as reimbursable general obligation bonds and that contingent guaranties of $233,500,000 can be fully excluded from debt calculations.

Authorizes refunding of any general obligation bonds previously or subsequently issued under Hawaii Revised Statutes Section 39-16 and takes effect upon approval.