Bill Text: HI SB1256 | 2024 | Regular Session | Introduced
Bill Title: Relating To Bonds.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-12-11 - Carried over to 2024 Regular Session. [SB1256 Detail]
Download: Hawaii-2024-SB1256-Introduced.html
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THE SENATE |
S.B. NO. |
1256 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to Bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 39B-2, Hawaii Revised Statutes, is amended to read as follows:
"§39B-2 Allocation of annual state ceiling.
(a) The annual state ceiling
shall be allocated for each calendar year in the following proportions:
(1) An
amount equal to fifty per cent of the annual state ceiling to the State;
(2) An
amount equal to 37.55 per cent of the annual state ceiling to the city and
county of Honolulu;
(3) An
amount equal to 5.03 per cent of the annual state ceiling to the county of
Hawaii;
(4) An
amount equal to 2.41 per cent of the annual state ceiling to the county of
Kauai; and
(5) An
amount equal to 5.01 per cent of the annual state ceiling to the county of
Maui.
(b)
The department, with the approval of the governor, may assign all or any
part of the allocation of the State to any issuer or any county for a specific
calendar year or years. At the request of
the department, any issuer or county to which any part of the State's
allocation has been assigned shall return all or part of the assignment, in
which case the department may provide for its reassignment.
(c)
The department may request return of all or any part of the allocations
of one or more counties made pursuant to subsection (a), and may assign and
reassign the allocation to any other county or issuer for a specified calendar
year or years.
(d)
A county, by resolution of its governing body, or any issuer, by written
certificate of such issuer, may request additional allocations of the annual
state ceiling from, or assign all or any part of its portion of the allocation
of the annual state ceiling to, the State for a specified calendar year or years. Before requesting an additional allocation
of the annual state ceiling for a specific calendar year or years under this
subsection, a county shall have applied all of its allocation of the annual
state ceiling for the specified calendar year or years as evidenced by a
certificate of the issuer or the director of finance of a county, as
applicable, under section 39B-3. If a
county assigns all or any part of its private activity bond allocation for a
specific calendar year or years to the State under this subsection, the
assigned portion shall be applied to a project or projects located in the
assigning county; provided that in the event that there are no remaining
qualified projects, the private activity bond allocation may be awarded to
projects located in other counties.
(e) If all or any part of a county's allocation of the annual state ceiling for a specific calendar year or years has not yet been applied under section 39B-3, any project located in that county seeking private activity bond financing subject to the annual state ceiling for the specified calendar year or years shall request that the county apply its allocation of the annual state ceiling for the specified calendar year or years to the issuance of private activity bonds for the project before requesting that the State apply any part of the State's allocation to the project."
SECTION 2. Section 39B-4, Hawaii Revised Statutes, is amended to read as follows:
"§39B-4 Report of unused allocation; reversion to
State. The director of finance of each county shall
report to the department in writing by November 15 of each year as to the
amount of allocation to [such] the county [which] that
has not been applied to private activity bonds in [such] the year
or assigned pursuant to this chapter.
In preparing [such] the
report, the director of finance of the county shall deduct any allocation [which]
that is unused or unassigned as of November 15 but will be applied to
private activity bonds on or [prior to] before December 1 of [such]
the specified year.
Unless the director of finance of the
county or any issuer, by written certificate, indicates to the department and
the Hawaii housing finance and development corporation [prior to] before
November 15 of each year that it intends to carry forward all or any portion of
its allocation [which] that has not been applied to private
activity bonds in [such] the specified year or assigned pursuant
to this chapter, [such] and the department indicates the same intent
to the Hawaii housing finance and development corporation by November 30, the
unused or unassigned allocation shall revert to the State on December 1 and the
State shall be entitled to carry forward [such] the unused or
unassigned allocation as permitted by federal law."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 2, 2023.
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INTRODUCED BY: |
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Report Title:
State Bonds; Annual Ceiling; Private Activity Bonds; HHFDC; Counties
Description:
Requires counties with a private activity bond issuance program to exhaust their allotment before applying to the State for the state allocation. Requires a project to first apply to the county in which the project is located, if the county has a private activity bond issuance program, before applying to the State. Requires the State, if it receives a county allocation, to award that same amount to benefit that county. Requires the department of budget and finance to indicate to the Hawaii housing finance and development corporation any county amount of unused or unassigned allocation. Effective 7/2/2023.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
