HB 794 Summary

• Authorizes issuance of general obligation bonds up to $1,913,987,000 to finance projects in the General Appropriations Act of 2025, Judiciary Appropriations Act of 2025, and bills relating to the State Foundation on Culture and the Arts and property insurance stabilization

• Declares that total principal and interest on all authorized and outstanding bonds will not exceed Hawaii's debt limit of 18.5% of average general fund revenues from the preceding three fiscal years, as required by Article VII, Section 13 of the state constitution

• Projects issuance of $800 million in bonds during second half of fiscal year 2024-2025, with semi-annual issuances of $775 million, $700 million, $650 million, and $550 million in fiscal years 2025-2029

• Authorizes bonds to be repaid as 20-year and 7-year serial bonds with principal repayment beginning in the first year and interest payments at rates not exceeding 7.50 percent

• Permits additional bond issuance for refunding previously issued general obligation bonds in accordance with Hawaii Revised Statutes Section 39-16