Bill Text: HI SB561 | 2013 | Regular Session | Introduced
Bill Title: Special Purpose Revenue Bonds; Legislative Reference Bureau
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2013-01-22 - Referred to WAM. [SB561 Detail]
Download: Hawaii-2013-SB561-Introduced.html
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THE SENATE |
S.B. NO. |
561 |
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TWENTY-SEVENTH LEGISLATURE, 2013 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to special purpose revenue bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that under article VII, section 12, of the Hawaii State Constitution, the legislature has the power to authorize the issuance of special purpose revenue bonds to assist specific types of special purpose entities when it is in the public interest and for the public health, safety, and general welfare.
The legislature further finds that while the legislature spends an increasing amount of time during the legislative session to pass legislation authorizing the issuance of special purpose revenue bonds, it is unclear how many special purpose revenue bonds are ultimately issued by the department of budget and finance and how many special purpose entities actually use the proceeds of the bonds as described in the authorizing legislation.
The purpose of this Act is to require the legislative reference bureau to conduct a study to examine the special purpose revenue bond process and make recommendations on what changes are required, if any, to ensure that the special purpose revenue bond process is achieving its intended purpose.
SECTION 2. (a) The legislature reference bureau shall conduct a study to examine the special purpose revenue bond process. The study shall include an examination of:
(1) All special purpose revenue bonds authorized by the legislature during the last five years;
(2) How many special purpose revenue bonds were issued by the director of finance during the last five years;
(3) How many special purpose revenue bonds lapsed during the last five years and the reason why the special purpose entities did not seek issuance of the special purpose revenue bonds;
(4) How many special purpose entities used the special purpose revenue bonds issued for the purposes described in the authorizing legislation during the last five years;
(5) How many special purpose entities did not qualify for special purpose revenue bonds following the authorization for issuance by the legislature and the reason why the special purpose entities did not qualify; and
(6) The potential positive and negative impacts of expanding or reducing the types of special purpose entities that may be issued special purpose revenue bonds pursuant to article VII, section 12, of the Hawaii State Constitution.
(b) The legislative reference bureau shall make recommendations on what changes are required, if any, to ensure that the special purpose revenue bond process is achieving its intended purpose.
(c) In conducting the study, the legislative reference bureau may consult with the department of budget and finance, special purpose entities, and any other governmental or non-governmental entity that may be of assistance.
(d) The legislative reference bureau shall submit a report to the legislature, including any proposed legislation, no later than twenty days prior the convening of the regular session of 2014.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Special Purpose Revenue Bonds; Legislative Reference Bureau
Description:
Requires the legislative reference bureau to conduct a study on special purpose revenue bonds and report to the legislature.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
