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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1007 |
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THIRTY-THIRD LEGISLATURE, 2025 |
H.D. 2 |
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STATE OF HAWAII |
S.D. 2 |
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A BILL FOR AN ACT
RELATING TO THE HAWAII COMMUNITY DEVELOPMENT AUTHORITY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
The legislature further finds that the best-proven models of successful, affordable, healthy, and vibrant communities in transit-oriented development areas require sufficient water, sewer, and power infrastructure; affordable housing; safe, comfortable, and convenient pedestrian and multi-modal transit connectivity; meaningful community amenities such as parks, recreational facilities, and event venues; and community programs that provide for community-based economic development, culture, arts, communication, safety, security, and cleanliness.
The legislature also finds that while significant effort has been made to plan for and prioritize affordable housing in transit-oriented development areas, the Hawaii community development authority's current model of primarily relying on private developers to provide for affordable units, infrastructure, and community amenities in many cases has meant districts such as Kakaako have fallen short of achieving real affordability, liveability, and desired quality of life.
Too often, basic community infrastructure such as sidewalks, safe multi-modal connectivity, public spaces, community-based economic development, and amenities required for successful, livable communities never materialize without a lead agency taking ownership, prioritizing key community elements, and executing projects. In most cases, basic community infrastructure is not a priority for any department or agency. Sometimes this results in costly retrofits after people move in, discover gaps in their quality of life, and pay for missing infrastructure needed to enable families to reduce their cost of transportation and living. In other cases, basic community infrastructure can no longer be implemented because buildout in the area has already occurred, leaving residents stranded with higher costs of living and no recourse. This results in communities having a higher cost of living than necessary and developments that are often sufficient for transient investment units and vacation properties but not best-suited for local families and permanent residents.
The legislature also finds that ensuring the inclusion of complete community infrastructure in planning and implementation can replicate four successful strategies commonly used in successful cities to help significantly reduce the cost of housing and cost of living. Primarily, these include aggregating amenities such as parking and green space into public space, removing those costs from each new development. Secondly, constructing public infrastructure and properties that generate revenue can help to pay for adequate infrastructure and amenities implementation, as well as reduce the cost of maintenance, security, and similar costs for area residents. Thirdly, using financing mechanisms, such as community financing districts, can provide more capacity to ensure that complete community infrastructure and amenities are planned for and included. Fourthly, constructing multiple lower-story concrete or wood buildings on the same footprint of a tower or podium project can achieve the same number of units on a block, but through a much cheaper per-unit cost because lower structures do not require costly vertical engineering and safety and related components. In numerous other cities, these types of equally dense but less expensive affordable housing developments are often built by both the private and public sectors.
The legislature further finds that the two highest costs contributing to the cost of living are housing and transportation. By broadening the State's focus to develop affordable communities with fully built community infrastructure and amenities, rather than just affordable housing, the cost of a single unit can often be reduced by as much as $75,000, and the cost of transportation for families living there can be reduced by $15,000 or more per year.
Units in many recent housing projects have become prohibitively expensive. On average, about $50,000 is added to the cost of a unit per associated parking stall constructed, and as much as $25,000 per unit for associated building amenities. Numerous cities and jurisdictions have begun constructing separate, aggregated parking stalls and building amenities, lowering the cost of each unit produced by as much as $75,000.
The legislature further finds that building infrastructure, such as separate parking garages, allows residents in an area to lease space or use a parking stall as may be needed, rather than having the cost forced upon them through higher mortgage costs. This is especially important considering Hawaii's latest generation is driving considerably less than previous generations. Since 2000, the percentage of eighteen- to twenty‑nine-year-olds with a driver's license has decreased nearly forty per cent. Many individuals desire to live in walkable, bikeable communities without the costly average expense of $10,000 per year for each additional vehicle along with the $50,000 cost of owning a parking stall.
Additionally, relieving housing developers of the burden of building excessive amenities and gathering spaces in each building lowers the cost of living in those units. Aggregating public spaces for open plazas, gathering spaces, parks, and green spaces available to everyone also creates and fosters a better sense of community and opportunities for better mixed-use commercial, retail, and food options at a lower overall cost.
The legislature additionally finds that the most successful affordable communities incorporate mixed-use commercial and retail space into public projects, which not only puts daily needs within walking distance of residents, but also provides revenue-generating lease rent and other opportunities that can help pay for community infrastructure, amenities, security, cleanliness, and maintenance, and lower maintenance fees and the cost of living for residents in the area.
Accordingly, the purpose of this Act is to empower the Hawaii community development authority to implement these and other proven strategies to build better, more affordable, more liveable communities and provide residents with a higher quality of life. Secondly, this Act streamlines transit-oriented development infrastructure improvements by making chapter 206E, part X, Hawaii Revised Statutes, relating to transit-oriented development infrastructure improvements, a program under the Hawaii community development authority. This will enable the Hawaii community development authority to develop community improvement projects in transit-oriented development areas outside its existing designated districts, provided that planning and implementation shall be assisted by a new board of members with expertise with successful strategies commonly employed elsewhere that the Hawaii community development authority currently does not have, rather than the existing multiple districts and boards for each county.
Additionally, this Act provides additional financing tools and flexibility to fill the gaps in Hawaii's community planning and implementation. This will provide better community improvements and deliver complete communities with lower housing and transportation costs, safer streets, public spaces, parks, and community amenities that provide a better quality of life.
SECTION 2. Chapter 206E, Hawaii Revised Statutes, is amended by adding two new sections to be appropriately designated and to read as follows:
"§206E- Issuance of bonds for the development of
infrastructure. (a) Notwithstanding section 206E-21 and 206E‑225,
the authority, pursuant to and in accordance with this subpart and section
46-80.1(a), may issue bonds for the purpose of financing the development of
infrastructure for:
(1) Land owned by the authority or land
within a community development district or area established under this chapter
or the stadium development district established in section 206E-223; and
(2) Infrastructure projects under
section 206E-246.
(b) All bonds issued by the
authority for improvements by assessments, and the interest thereon, shall be
exempt from all state, county, and municipal taxation, except inheritance, transfer,
and estate taxes.
§206E- Condemnation of real property. The authority, upon making a finding that it
is necessary to acquire any real property for its immediate or future use for the
purposes of this part, may acquire the property by condemnation pursuant to chapter
101. The property shall not thereafter be
taken for any other public use without the consent of the authority. No award of compensation shall be increased by
reason of any increase in the value of real property caused by the designation of
community improvement program areas, or the actual or proposed acquisition, use,
or disposition of any other real property by the authority."
SECTION 3. Section 206E-1, Hawaii Revised Statutes, is amended to read as follows:
"§206E-1 Findings and purpose. The legislature finds that many areas of the State
are substantially undeveloped, blighted, or economically depressed, and are or are
potentially in need of renewal, renovation, or improvement to alleviate such conditions
as dilapidation, deterioration, age, and other such factors or conditions [which]
that make [such] the areas an economic or social liability.
The
legislature further finds that there exists within the State vast, unmet community
development needs. These include, but are
not limited to, a lack of suitable affordable housing; insufficient commercial and
industrial facilities for rent; residential areas [which] that do
not have facilities necessary for basic liveability, such as parks and open space;
[and] areas [which] that are planned for extensive land allocation
to one, rather than mixed uses[.]; a lack of infrastructure necessary
to facilitate community development; and insufficient culturally appropriate agriculture,
education, and natural-resource restoration and management.
It
is further determined that the lack of planning and coordination in such areas has
given rise to these community development needs and that existing laws and public
and private mechanisms have either proven incapable or inadequate to facilitate
timely redevelopment and renewal[.], or restoration and management, as
the case may be.
The
legislature finds that a new and comprehensive authority for community development
must be created to join the strengths of private enterprise, public development,
and regulation into a new form capable of long-range planning and implementation
of improved community development. The purpose
of this chapter is to establish such a mechanism in the Hawaii community development
authority, which is a public entity [which] that shall determine
community development programs and projects and cooperate with private enterprise
and the various components of federal, state, and county governments in bringing
plans and projects to fruition. [For
such areas designated as community development districts, the] The legislature
believes that the planning and implementation [program] expertise
of the Hawaii community development authority will result in communities [which
serve the highest needs and aspirations of] that provide for the best
quality of life for Hawaii's people.
The
legislature finds that the creation of the Hawaii community development authority,
the establishment of community development districts[, and] and program
areas, the issuance of bonds pursuant to this chapter to finance public facilities,
and the ability of the Hawaii community development authority to cooperate with
or assist public and private sector entities to engage in projects that improve
the State, serve the public interest and are matters of statewide concern.
The legislature also finds that there are many areas of the State, outside of the Hawaii community development authority's existing community development districts, where this comprehensive planning, and redevelopment agency should use its powers to facilitate timely redevelopment, renewal, community building, and economic development."
SECTION 4. Chapter 206E, part X, Hawaii Revised Statutes, is amended to read as follows:
"[[]Part
X.[]] Transit-oriented [development
infrastructure improvement district] community improvement Program
[[]§206E-241[]]
Findings and purpose. The legislature finds that construction, installation,
and improvement of certain infrastructure is necessary and desirable to facilitate
renewal and redevelopment of areas designated by the State and the counties for
transit-oriented development. Transit-oriented
development is a powerful tool that can ultimately deliver a wide range of social,
environmental, and economic benefits. Transit-oriented
development promotes development patterns that support quality of life, preserves
the natural environment, provides a range of housing choices for residents, and
encourages walking, biking, and use of mass transit. The State plays an important role in overcoming
barriers to transit‑oriented development, including encouraging needed investments
in improving regional infrastructure such as roads, sewers, water, power, communication,
and storm water management systems. This
part is intended to move transit-oriented development planning efforts forward into
infrastructure improvements that benefit the community. The legislature further finds that, currently,
no single state agency has the authority to improve infrastructure along a transit
corridor in the best interest of the State.
This part will enable the delivery of infrastructure [needed to
support development on lands within designated transit-oriented development
zones.
Accordingly,
the purpose of this part is to establish transit-oriented development
infrastructure improvement districts to foster community development by
strategically investing in infrastructure improvements.] and community
amenities that are needed to enable affordable, liveable, communities in
transit-oriented development areas and provide for the best quality of life for
local residents.
Accordingly, there is established the transit‑oriented community improvement program to be administered by the authority to foster community improvement by strategically investing in infrastructure.
[[]§206E-242[]] Definitions. As used in this part:
"Board"
means the transit-oriented [development infrastructure improvement district
board] community improvement program board.
["District"
means the transit-oriented development infrastructure improvement district within
each county-designated transit-oriented development zone, or within a one-half mile
radius of a proposed or existing transit station if the county has not designated
transit-oriented development zones, as determined by the board.]
"Fund"
means the transit-oriented [development infrastructure improvement district]
community improvement program special fund established under section
206E-247.
"Program"
means the transit-oriented [development infrastructure improvement district]
community improvement program developed by the board pursuant to section
206E-246.
[[]§206E-243[] District established; boundaries.] Transit-oriented community improvement program
areas; established. [(a)
The transit-oriented development infrastructure improvement district is hereby
established under the authority.
(b)]
(a) The [district] transit-oriented
community improvement program areas shall comprise the parcels of land within
legislatively-designated transit-oriented community improvement areas, and
either within county-designated transit‑oriented development zones, or
within a one-half mile radius of a proposed or existing transit station if the county
has not designated transit-oriented development zones, as determined by the board,
which shall take into account proximity, walkability, adopted county plans, and
other relevant factors[; provided that in a county with a population in
excess of five hundred thousand, a transit-oriented development zone shall include
a rail station or a planned rail station].
The [district shall] program areas may include all parcels
of land of which any portion of the parcels are located within the legislatively-designated
transit-oriented community improvement areas or county-designated transit-oriented
development zones, or within a one-half mile radius around proposed or existing
transit stations if the county has not designated transit‑oriented development
zones.
(b) The board may establish and administer
transit‑oriented community improvement program areas.
[[]§206E-244[]] Transit-oriented [development
infrastructure improvement district] community improvement board;
established; members; terms; vacancies. (a) There is established the transit-oriented [development
infrastructure improvement district] community improvement board,
which shall be placed under the authority within the department of business,
economic development, and tourism for administrative purposes. The board shall carry out the duties and
responsibilities for guiding planning and implementation for the authority
in transit-oriented community improvement program areas and any other areas
outside of designated transit-oriented community improvement program areas or
transit-oriented development zones as set forth in this part.
(b) The board shall consist of the following voting members:
(1) The director of finance or the director's designee;
(2) [The director of transportation or
the director's designee;] The department of transportation multimodal
transportation coordinator, or the coordinator's designee;
(3) The director of the office of planning and sustainable development or the director's designee;
[(4) The director of planning and
permitting of the county in which each district is located or the director's
designee; and
(5) The following members, who shall be appointed
by the governor pursuant to section 26-34:
(A) A cultural specialist;
(B) An at-large member, to be selected from
a list of three nominees submitted by the president of the senate;
(C) An at-large member, to be selected from
a list of three nominees submitted by the speaker of the house of representatives;
(D) A resident of the county where the district
is located, to be selected from a list of three nominees submitted by the president
of the senate; and
(E) A resident of the county where the district
is located, to be selected from a list of three nominees submitted by the speaker
of the house of representatives.]
(4) The head of the community-based
economic development program of the department of business, economic
development, and tourism or designee;
(5) The director of the state foundation
on culture and the arts or the director's designee;
(6) One individual with history and
expertise in public spaces, and one individual with history and expertise in
urban planning, to be appointed by the president of the senate; and
(7) One individual with history and
expertise in public spaces, and one individual with history and expertise in
urban planning, to be appointed by the speaker of the house.
Chairs
of the house of representatives and senate standing committees with
jurisdiction over transportation and housing shall serve as ex officio,
nonvoting members.
(c) The terms of the appointed members shall be
for four years, commencing on July 1 and expiring on June 30[; provided that
the governor shall provide for staggered terms of the initially appointed members
so that the initial terms of one at-large member and one district member selected
by lot shall be for three years, the initial terms of one at-large member and one
district member selected by lot shall be for four years, and the term of the cultural
specialist shall be for two years].
(d) If a vacancy occurs, a member shall be
appointed to fill the vacancy in the same manner as the original appointment
[within thirty days of the vacancy or within ten days of the senate's rejection
of a previous appointment, as applicable.
(e) The terms of the director of finance, director
of transportation, director of the office of planning and sustainable development,
and the county directors of planning and permitting,].
(e)
The terms of the board members not appointed by the president of the
senate or speaker of the house of representatives, or their respective
designees, shall run concurrently with [each director's] the governor's
term of office.
(f) Notwithstanding section 92-15, a majority of
all eligible voting members as specified in this section shall constitute a
quorum to do business, and the concurrence of a majority of all eligible voting
members present shall be necessary to make any action of the board valid. All members shall continue in office until
their respective successors have been appointed [and] or received
advice and consent of the senate. Except
as provided herein, no member appointed under this section shall be an officer
or employee of the State or its political subdivisions.
(g) The members of the board shall serve without compensation but each shall be reimbursed for expenses, including travel expenses, incurred in the performance of their duties.
(h)
No member shall have a financial interest or conflict of interest in any
project, real property, business, or development located in a transit-oriented
community improvement area.
[[]§206E-245[]] Transit-oriented [development infrastructure
improvement district] community improvement board; powers;
generally. Except as otherwise
limited by this part, with respect to the development, construction, and
improvement of infrastructure within the districts, the board may:
(1) Have a seal and alter the same at
its pleasure;
(2) Establish and administer [districts]
transit-oriented community improvement areas and programs;
[(2)] (3) Make and execute contracts and all
other instruments necessary or convenient for the exercise of its powers and
functions under this part;
(4) Carry
out surveys, research, investigations, site visits, and similar examinations
into technological, business, financial, consumer trends, and other aspects of
affordable housing, transportation, walkable communities, public spaces,
revenue generation, leisure or recreational land uses that may be relevant for
transit-oriented community improvement planning and implementation;
[(3)] (5) Prepare or cause to be prepared an
infrastructure improvement plan for the district;
[(4)] (6) Acquire, reacquire, or contract to
acquire or reacquire, by grant or purchase, real, personal, or mixed property,
or any interest therein, and own, hold, clear, improve, rehabilitate, sell,
assign, exchange, transfer, convey, lease, or otherwise dispose of or encumber
the same;
[(5)] (7) Acquire or reacquire by condemnation
real, personal, or mixed property, or any interest therein, for infrastructure
improvement;
[(6) By itself or in partnership with
qualified persons, acquire, reacquire, construct, reconstruct, rehabilitate,
improve, alter, or repair or provide for the construction, reconstruction,
improvement, alteration, or repair of any infrastructure and own, hold, sell,
assign, transfer, convey, exchange, lease, or otherwise dispose of or encumber
any infrastructure improvement;
(7)] (8) Arrange or contract for the planning,
replanning, opening, grading, or closing of streets, roads, roadways, alleys,
or other places, or the furnishing of facilities, or for the acquisition of
property or property rights, or for the furnishing of property or services in
connection with an infrastructure improvement project;
[(8)] (9) Prepare or cause to be prepared plans,
specifications, designs, and estimates of costs for the construction,
reconstruction, rehabilitation, improvement, alteration, or repair of any
infrastructure improvement project, and, from to time, modify the plans,
specifications, designs, or estimates of any infrastructure improvement
project;
[(9) Provide advisory, consultative, training,
and educational services; technical assistance; and advice to any person, partnership,
or corporation, either public or private, to carry out the purposes of this part,
and engage the services of consultants on a contractual basis for rendering professional
and technical assistance and advice;]
(10) Procure insurance against any loss in connection with its property and other assets and operations in amounts and from insurers as it deems desirable;
(11) Contract for and accept gifts or grants in any form from any public agency or from any other source; and
(12) Do any and all things necessary to carry out its purposes and exercise the powers given and granted in this part.
[[]§206E-246[]] Transit-oriented
[development infrastructure improvement district] community
improvement program; assessment; rules. (a) The board shall develop a transit-oriented [development
infrastructure improvement district] community improvement program
to identify infrastructure improvements within each [district.] program
area. In determining the required infrastructure
improvements to be undertaken, the board shall [consider the strategic plan
prepared] endeavor to achieve policy, planning, and implementation goals
of the legislature, and consider any relevant strategic plans prepared by the
Hawaii interagency council for transit-oriented development pursuant to section
226-63(c) and subsequent plans and studies prepared by, or approved by, an appropriate
governmental agency to further implement the strategic plan and the transit-oriented
development projects therein.
(b) [Whenever the board
determines to undertake, or causes to be undertaken, any
infrastructure improvement as part of the program,] The board may assess all beneficiaries of the program a
user fee for their fair share of the cost of providing [the] any
infrastructure improvement the user may be [assessed against the real
property in each district] specially benefiting from [the infrastructure
improvement]. The board shall determine the program areas [of each district]
that will benefit from the infrastructure improvement to be undertaken, and if less
than the entire [district] transit-oriented community
improvement program area benefits, the board
may establish [assessment] user fee areas
within the [district.] program area. The board may
issue and sell bonds in amounts as may be authorized by the legislature to provide
funds to finance the infrastructure improvements. [The board may fix the assessments against real property specially benefited. All assessments made pursuant to this section
shall be a statutory lien against each lot or parcel of land assessed from the date
of the notice declaring the assessment until the assessment is paid, and the lien
shall have priority over all other liens except the lien of property taxes. As between liens of assessments, the earlier lien
shall be superior to the later lien.]
(c) Bonds issued to provide funds to finance transit‑oriented
development infrastructure improvements shall be secured [solely by the real
properties benefited or improved, the assessments thereon,] in a manner to
be determined through the bond issuance process, or the revenues derived from
the program for which the bonds are issued, including reserve accounts and earnings
thereon, insurance proceeds, and other revenues, or any combination thereof. The bonds may be additionally secured by the pledge
or assignment of loans and other agreements or any note or other undertaking, obligation,
or property held by the board. Bonds issued pursuant
to this section and the income therefrom shall be exempt from all state and county
taxation, except transfer and estate taxes.
The bonds shall be issued subject to rules adopted by the board pursuant to this section.
[(d) Notwithstanding any other law to the contrary,
in assessing real property for transit-oriented development infrastructure improvement,
the board
shall assess the real property within an assessment area
according to the special benefits conferred upon the real property by the infrastructure
improvement. These methods may include assessment
on a frontage basis or according to the area of real property within an assessment
area or any other assessment method that assesses the real property according to
the special benefit conferred, or any combination thereof. No assessment levied against real property specially
benefited as provided by this part shall constitute a tax on real property within
the meanings of any constitutional or statutory provisions. No assessment shall be levied against real property
owned by the federal government, the State, or a county, or an agency thereof, without
the prior written consent of the owner.
(e)] (d) The board [shall] may adopt rules for the purposes of this part, pursuant to
chapter 91, and to provide for the method of undertaking and financing transit-oriented
[development infrastructure improvement in an assessment area or an entire district. The rules adopted pursuant to this section shall
include but not be limited to:
(1) The
methods by which the board shall establish assessment areas;
(2) The
method of assessment of real properties specially benefited;
(3) The
costs to be borne by the board, the county in which districts are situated, and
the property owners;
(4) The
procedures before the board relating to the creation of the assessment areas by
the owners of real property therein, including provisions for petitions, bids, contracts,
bonds, and notices;
(5) Provisions
relating to assessments;
(6) Provisions
relating to financing, including bonds, revolving funds, advances from available
funds, special funds for payment of bonds, payment of principal and interest, and
sale and use of the bonds;
(7) Provisions
relating to funds and refunding of outstanding debts;
(8) Provisions
relating to limitations on time to sue; and
(9) Other
related provisions.]
community improvement infrastructure in a program area
or transit‑oriented development zone.
[(f)] (e) Notwithstanding any other provisions to the contrary,
the board may, in its discretion, enter into any agreement with the county in which
the [districts] program areas are located to implement all or part
of the purposes of this section.
[(g)] (f) All sums collected under this section shall be
deposited into the transit-oriented [development infrastructure improvement
district] community improvement special fund established under section
206E-247 and shall be applied solely to:
(1) The
payment of the principal and interest on the bonds and the cost of administering,
operating, and maintaining the program;
(2) The
establishment of reserves; and
(3) Other
purposes as may be authorized in the proceedings providing for the issuance of the
bonds.
If any surplus
remains in the fund after the payment of the bonds chargeable against the fund,
it shall be credited to and become a part of the fund.
[(h)] (g) The transit-oriented development infrastructure
improvements [to be financed through bonds issued by the board] may
be dedicated to the county in which the infrastructure improvements are to be located. The board shall
ensure that the infrastructure improvements are designed and constructed to meet
county requirements and shall enter into an agreement with the county for dedication
of the public facilities.
[(i)] (h) Notwithstanding any law to the contrary, whenever
it becomes necessary to remove, relocate, replace, or reconstruct public utility
facilities that are part of a program, the board shall establish by rule the allocation
of cost between the board, the affected public utilities, and the [properties]
users that may specially benefit from the improvement, if any. In determining the allocation of cost, the board
shall consider the cost allocation policies for districts established by the county
in which the removal, relocation, replacement, or reconstruction is to take place.
[[]§206E-247[]] Transit-oriented [development
infrastructure improvement district] community improvement special fund. (a) There [is] shall be established
in the state treasury the transit-oriented [development infrastructure
improvement district] community improvement special fund, into
which shall be deposited:
(1) All revenues, income, and receipts from
the transit‑oriented [development infrastructure improvement district]
community improvement program;
(2) Moneys directed, allocated, or disbursed
to the [district] program from government agencies or private individuals
or organizations, including grants, gifts, awards, and donations[, and
assessments of landowners] for costs to administer and operate the [district;]
program;
(3) [Assessments] User fees collected
under section 206E‑246; and
(4) Moneys appropriated to the fund by the legislature.
(b) Moneys in the fund shall be used only for the purposes of this part.
(c) Investment earnings credited to the assets of the fund shall become part of the fund.
[[]§206E-248[]] Memorandum of agreement. The board authority may execute memoranda of agreement
with appropriate governmental agencies[.] for purposes of this part.
[[]§206E-249[]] Annual comprehensive report. The board shall submit an annual comprehensive
report on the progress of [development within] the [district] program
to the legislature no later than twenty days prior to the convening of each regular
session."
SECTION 5. The Hawaii community development authority may issue revenue bonds from time to time to finance the development of infrastructure within transit-oriented community improvement program areas, lands within community development districts established under chapter 206E, Hawaii Revised Statutes, or the stadium development district established in section 206E-223, Hawaii Revised Statutes, and lands owned by the authority. The total principal amount of the revenue bonds authorized by this Act shall not exceed $ ; provided that neither revenue bonds issued to refund revenue bonds heretofore issued, to the extent that the refunding revenue bonds do not exceed the principal amount of the revenue bonds being refunded, nor revenue bonds of the Hawaii community development authority outstanding at the effective date of this Act shall cause the amount of the above authorization to be decreased. The revenue bonds shall be issued pursuant to section 206E-246, Hawaii Revised Statutes. The principal and interest on the revenue bonds, to the extent not paid from the proceeds of the bonds, shall be paid solely from, and secured solely by the revenue of the Hawaii community development authority as defined in chapter 206E-2, Hawaii Revised Statutes.
SECTION 6. There is appropriated out of the revenue bond proceeds and interest earned thereon authorized by section 5 of this Act the sum of $ or so much thereof as may be necessary for the fiscal year 2025-2026 to carry out the purposes of section 5 of this Act; provided that any unexpected and unencumbered balance of the appropriation shall not lapse at the end of the fiscal year 2025-2026 and shall lapse instead on June 30, 2030.
SECTION 7. The Hawaii community development authority shall notify the legislature upon the issuance of the revenue bonds authorized by section 5 of this Act, including a detailed list and description of all projects to be funded through the revenue bonds authorized by this Act.
SECTION 8. If any provision of this Act, or the application thereof to any person or circumstance, is held invalid, the invalidity does not affect other provisions or applications of the Act that can be given effect without the invalid provision or application, and to this end the provisions of this Act are severable.
SECTION 9. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 10. This Act shall take effect on July 1, 3000.
Report Title:
HCDA; Department of Business, Economic Development, and Tourism; Transit-Oriented Community Improvement Program; Special Fund; Appropriations
Description:
Authorizes the Hawaii Community Development Authority to cooperate with or assist public and private sector entities to engage in projects that improve the State. Establishes the Transit-Oriented Community Improvement Program and board under the HCDA. Repeals the Transit-Oriented Development Infrastructure Improvement District and Board. Authorizes the HCDA to issue revenue bonds to finance the development of infrastructure outside of HCDA's community development districts. Appropriates funds into and out of the special fund for the program and positions. Effective 7/1/3000. (SD2)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.