HB 1604 Summary

• Authorizes issuance of $717,809,000 in general obligation bonds to finance projects authorized in the Supplemental Appropriations Act of 2018 and Judiciary Supplemental Appropriations Act of 2018.

• Declares findings required by Hawaii State Constitution Article VII, Section 13, confirming that authorized bond issuance will not cause the state debt limit to be exceeded, based on estimated fiscal year revenues and outstanding bond obligations.

• Proposes bond issuance schedule of $505-520 million per half-year from fiscal 2018-2019 through 2020-2021, with assumption of 5.75% maximum interest rate and 20-year maturity structure.

• Amends titles and descriptions of 27 capital improvement projects for nonprofit organizations and agencies involving plans, land acquisition, design, construction, and equipment for housing, community centers, healthcare facilities, and cultural institutions.

• Permits refunding of previously issued general obligation bonds as provided under Hawaii Revised Statutes Section 39-16.