HB 2384 Summary

• Replaces the School Facilities Authority with the Department of Education as administrator of the School Facilities Special Fund

• Authorizes the director of finance to issue $100,000,000 in general obligation bonds for fiscal year 2023-2024 to be deposited into the School Facilities Special Fund

• Repeals the previous $200,000,000 general fund appropriation from Act 257, Session Laws of Hawaii 2022, replacing it with general obligation bond financing

• Requires the Department of Education to submit annual reports to the director of finance identifying carryover fund balances ninety days after each fiscal year closes

• Appropriated funds not encumbered by June 30, 2025, shall lapse on that date