HB 53 Summary

• Authorizes issuance of $1,291,787,000 in general obligation bonds to finance projects in the General Appropriations Act of 2021, Judiciary Appropriations Act of 2021, and HB 54.

• Makes constitutional findings that the total principal and interest on all proposed bonds and outstanding bonds will not exceed Hawaii's debt limit of 18.5% of average general fund revenues from the preceding three fiscal years.

• Establishes that outstanding general obligation bond obligations for fiscal years 2021-2022 through 2027-2028 range from $942,978,733 to $903,170,962 annually.

• Proposes issuing $525,000,000 in bonds in the second half of fiscal year 2020-2021, and $500,000,000 semi-annually during fiscal years 2021-2025, structured as twenty-year and ten-year serial bonds with principal repayments beginning in years one through five.

• Allows refunding of previously issued general obligation bonds pursuant to Hawaii Revised Statutes section 39-16.