REPORT TITLE:
State Bonds; Authorization


DESCRIPTION:
Provides for the issuance of general obligation bonds.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           2542
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO STATE BONDS.



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

 1      SECTION 1.  Declaration of findings with respect to the
 
 2 general obligation bonds authorized by this Act.  Pursuant to the
 
 3 clause in Article VII, Section 13 of the State Constitution which
 
 4 states:  "Effective July 1, 1980, the legislature shall include a
 
 5 declaration of findings in every general law authorizing the
 
 6 issuance of general obligation bonds that the total amount of
 
 7 principal and interest, estimated for such bonds and for all
 
 8 bonds authorized and unissued and calculated for all bonds issued
 
 9 and outstanding, will not cause the debt limit to be exceeded at
 
10 the time of issuance," the legislature finds and declares as
 
11 follows:
 
12      (1)  Limitation on general obligation debt.
 
13      (2)  Actual and estimated debt limits.
 
14      (3)  Principal and interest on outstanding bonds applicable
 
15           to the debt limit.
 
16      (4)  Amount of authorized and unissued general obligation
 
17           bonds and guaranties and proposed bonds and guaranties.
 
18      (5)  Proposed general obligation bond issuance.
 
19      (6)  Sufficiency of proposed general obligation bond
 

 
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                                     S.B. NO.           2542
                                                        
                                                        

 
 1           issuance to meet the requirements of authorized and
 
 2           unissued bonds, as adjusted, and bonds authorized by
 
 3           this Act.
 
 4      (7)  Bonds excludable in determining the power of the State
 
 5           to issue bonds.
 
 6      (8)  Determination whether the debt limit will be exceeded
 
 7           at the time of issuance.
 
 8      (9)  Overall and concluding finding.
 
 9      SECTION 2.  The legislature finds the bases for the
 
10 declaration of findings set forth in this Act reasonable.  The
 
11 assumptions set forth in this Act with respect to the principal
 
12 amount of general obligation bonds which will be issued, the
 
13 amount of principal and interest on reimbursable general
 
14 obligation bonds which are assumed to be excludable, and the
 
15 assumed maturity structure shall not be deemed to be binding, it
 
16 being the understanding of the legislature that such matters must
 
17 remain subject to substantial flexibility.
 
18      SECTION 3.  Authorization for issuance of general obligation
 
19 bonds.
 
20      SECTION 4.  The provisions of this Act are declared to be
 
21 severable and if any portion thereof is held to be invalid for
 
22 any reason, the validity of the remainder of this Act shall not
 
23 be affected.
 

 
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                                     S.B. NO.           2542
                                                        
                                                        

 
 1      SECTION 5.  In printing this Act, the revisor of statutes
 
 2 shall substitute in section 1 and section 3 the corresponding act
 
 3 numbers for bills identified therein.
 
 4      SECTION 6.  This Act shall take effect upon its approval. 
 
 5 
 
 6                           INTRODUCED BY:  _______________________