HB 120 Summary

• Authorizes issuance of up to $1,747,941,000 in general obligation bonds to finance projects under HB 1259 (General Improvements Act), HB 510 (Judiciary Appropriations Act), HB 809 (Grant Funding Act), HB 1586, SB 78, and HB 1312.

• Declares that the total principal and interest on proposed bonds, combined with all outstanding and authorized unissued bonds, will not exceed the state's constitutional debt limit of 18.5% of average general fund revenues.

• Projects state debt limit of $1,400,098,017 for fiscal year 2019-2020, rising to $1,541,860,855 for fiscal year 2022-2023.

• Assumes bonds will be issued in multiple tranches from fiscal year 2019-2020 through fiscal year 2022-2023 at interest rates not to exceed 5.75%.

• Permits refunding of previously issued general obligation bonds in accordance with Hawaii Revised Statutes section 39-16.