HB 1801 Summary

• Authorizes issuance of general obligation bonds not to exceed $1,199,590,000 to finance projects designated in HB 1800 and HB 1911 (Supplemental Appropriations Acts of 2024)

• Makes constitutional findings required by Article VII, Section 13 of Hawaii State Constitution that total principal and interest on proposed bonds will not exceed the state debt limit at time of issuance

• Establishes debt limits for fiscal years 2023-2024 through 2026-2027, with 2023-2024 actual limit of $1,766,068,698 and subsequent years' limits ranging from $1,902,077,162 to $2,019,113,063

• Assumes state will issue $5,090,000,000 total in bonds through fiscal year 2026-2027, with $3,750,000,000 proposed for fiscal years 2023-2024 through 2025-2026 and $1,340,000,000 for 2026-2027

• Provides that assumptions regarding bond issuance amounts, reimbursable bond exclusions, and maturity structure are not binding and remain subject to flexibility