HI HB960

Increases the maximum value of capital advancement contracts for state harbor facilities that the Department of Transportation may execute without legislative approval from $2,000,000 to $5,000,000

Raises the threshold requiring legislative approval via concurrent resolution for capital advancement contracts from $2,000,000 to $5,000,000

Increases the total aggregate value of all capital advancement contracts the Department of Transportation may enter into in a fiscal year from $5,000,000 to $30,000,000

Requires the Department of Transportation to submit an annual report to the legislature detailing all executed capital advancement contracts for the previous twelve-month period (July 1 to June 30) no later than twenty days before each regular session convenes

Takes effect on July 1, 2025