HI SB1400

Increases the threshold for Department of Transportation capital advancement contracts that may be executed without legislative approval from $2,000,000 to $5,000,000.

Eliminates the requirement for concurrent resolution legislative approval for capital advancement contracts exceeding $2,000,000.

Raises the total aggregate annual value cap for all capital advancement contracts from $5,000,000 to $20,000,000, changing the measurement period from calendar year to fiscal year.

Requires the Department of Transportation to submit annual reports to the Legislature detailing all executed capital advancement contracts for the previous twelve-month period (December 1 to November 30) no later than twenty days before each regular legislative session beginning in 2024.

Takes effect July 1, 2050.