HI SB103

Establishes a new chapter in Hawaii Revised Statutes implementing the constitutional amendment from SB 2554 (ratified November 8, 2016) regarding disposition of excess general funds.

Authorizes the legislature to pre-pay general obligation bond debt service as an alternative method to comply with constitutional requirements when the state general fund balance exceeds five percent of general fund revenues for two successive fiscal years.

Authorizes the legislature to pre-pay unfunded accrued pension liabilities and other post-employment benefit liabilities to the Hawaii employer-union health benefits trust fund as alternative methods to meet constitutional requirements.

Amends Section 328L-3 to clarify that the general fund balance calculation occurs after any tax refunds, reserve fund deposits, or pre-payments of bond debt service and pension or benefit liabilities are accounted for during the same legislative session.

Takes effect June 30, 2017.