HB 1540 Summary

• Authorizes issuance of $1,668,715,000 in general obligation bonds to finance projects in supplemental appropriations bills (HB 1600, HB 1536) and other post-employment benefits bill (HB 2240)

• Declares findings required by Hawaii Constitution Article VII, Section 13, confirming that proposed bond issuance will not exceed the state's debt limit of 18.5% of average general fund revenues

• Establishes debt limits for fiscal years 2021-2022 through 2024-2025, ranging from $1,467,137,075 to $1,856,895,382 based on projected general fund revenues

• Provides that principal and interest on outstanding bonds as of April 1, 2022 ranges from $961,807,272 (FY 2022-2023) to $697,424,189 (FY 2028-2029)

• Allows issuance of additional general obligation bonds for refunding purposes as authorized under Hawaii Revised Statutes Section 39-16