HI SB970

Authorizes the Hawaii Housing Finance and Development Corporation to issue revenue bonds up to $125,000,000 to finance the rental housing trust fund, with proceeds deposited directly into the fund.

Allows a portion of conveyance tax revenues dedicated to the rental housing trust fund (up to $5,000,000 per fiscal year) to be used for repayment of revenue bonds and refunding bonds.

Designates the rental housing trust fund as a "special fund" under the Hawaii State Constitution and exempts revenue bonds from the state constitutional debt ceiling.

Expands permitted uses of the rental housing trust fund to include payment of principal, interest, and redemption premiums on revenue bonds issued under this Act.

Effective July 1, 2015.