HI SB1276

Repeals the requirement that 10% of county surcharge on state tax revenues be withheld by the State to reimburse administrative costs, allowing all collected revenues to go directly to the county.

Requires the mayor of a county with a county surcharge to propose an ordinance by August 1, 2017 allowing capital costs and financing interest of a rapid transit project to be paid from county funds.

Mandates the mayor submit a plan by January 1, 2018 identifying county funding sources for any project cost overruns or contingencies not covered by surcharge and federal/state revenues.

Requires annual updates to the funding plan from 2019-2028 showing construction status, cost estimates, funding variances, and sources of county funds for capital costs.

Requires the mayor to submit a plan by January 1, 2018 for funding operations, maintenance, and ongoing capital costs of the integrated rail and bus transportation system through fiscal year 2042-2043.

Automatically repeals on December 31, 2017 if the required ordinance allowing county fund use for capital costs is not enacted by that date.