HI HB2058

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds to provide loans to dam and reservoir owners for projects that protect public safety and provide significant water resources to the general public.

Requires separate legislative authorization by two-thirds vote of each house for each special purpose revenue bond issue, with no authorization valid for more than five years.

Bonds are payable solely from revenues derived under project agreements with dam and reservoir owners and are not general obligations of the State backed by its taxing power.

Project parties must demonstrate financial responsibility, pay all fees and costs for bond administration, operate and maintain projects, and provide financial records and benefit estimates to the department.

Bond proceeds may cover acquisition, construction, improvement, maintenance, and refinancing of dam and reservoir projects, with bonds maturing within forty years and exempt from state and county taxation except inheritance and estate taxes.