HI HB1631

Authorizes issuance of general obligation bonds up to $2,994,991,000 to finance projects authorized in supplemental appropriations bills from the 2020 legislative session.

Authorizes issuance of instruments of indebtedness up to $2,100,000,000 combined for working capital and Municipal Liquidity Facility purposes under section 13(3) of the Federal Reserve Act.

Makes required constitutional findings that authorized bond issuance will exceed the state debt limit, which is permitted under article VII, section 13 of the Hawaii Constitution if an emergency is declared by the governor and concurred by two-thirds of the legislature.

Provides detailed declarations regarding actual and estimated debt limits for fiscal years 2019-2023, outstanding bonds, and proposed issuance schedules to demonstrate compliance with constitutional debt limit requirements.

Effective upon approval, with provisions allowing the revisor of statutes to substitute corresponding act numbers for bill identifiers in final printing.