REPORT TITLE:
Housing; Loans

DESCRIPTION:
Authorizes the Housing and Community Development Corporation of
Hawaii to issue $500,000,000 in tax-exempt revenue bonds for the
Hula Mae Single Family Mortgage Purchase Program.  (SD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1069
THE SENATE                              S.B. NO.           S.D. 1
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 7 of Act 50, Session Laws of Hawaii
 
 2 1979, as amended by section 2 of Act 13, First Special Session
 
 3 Laws 1981, section 1 of Act 224, Session Laws of Hawaii 1984,
 
 4 section 1 of Act 171, Session Laws of Hawaii 1991, and section 7
 
 5 of Act 1, Special Session Laws of Hawaii 1995, is amended to read
 
 6 as follows:
 
 7      "SECTION 7.  Issuance of revenue bonds; amount authorized.
 
 8 Revenue bonds may be issued by the housing [fin] and community
 
 9 development corporation of Hawaii pursuant to part III, chapter
 
10 39, and subpart B of part [II] III of chapter [201E,] 201G,
 
11 Hawaii Revised Statutes, in an aggregate principal amount not to
 
12 exceed [$1,775,000,000] $2,275,000,000 at such times and in such
 
13 amounts as it deems advisable for the purpose of undertaking and
 
14 maintaining any of its housing loan programs in subpart B of part
 
15 [II] III of chapter [201E,] 201G, Hawaii Revised Statutes,
 
16 relating to the funding or purchasing of eligible loans."
 
17      SECTION 2.  Statutory material to be repealed is bracketed.
 
18 New statutory material is underscored.
 
19      SECTION 3.  This Act shall take effect upon its approval.