Bill Text: HI HB1829 | 2022 | Regular Session | Amended
Bill Title: Relating To Bonds.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2022-06-27 - Act 182, on 06/27/2022 (Gov. Msg. No. 1283). [HB1829 Detail]
Download: Hawaii-2022-HB1829-Amended.html
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NO. |
1829 |
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THIRTY-FIRST LEGISLATURE, 2022 |
H.D. 2 |
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STATE OF HAWAII |
S.D. 2 |
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A BILL FOR AN ACT
RELATING TO BONDS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
The legislature further finds that the State is committed to the production and maintenance of available affordable housing for its residents and that housing-related projects could benefit from greater access to private activity bond financing. Increasing coordination between the State and the counties on the timing of private activity bond issuances would allow the State to more efficiently allocate private activity bonds for housing related projects.
Therefore, the purpose of this Act is to:
(1) Require counties or issuers that retain their allocation to submit semi-annual reports on the status or use of any allocation to the department of budget and finance and Hawaii housing finance and development corporation;
(2) Amend the date by which each county's annual report of its unused or unassigned allocation must be submitted to the department of budget and finance;
(3) Require that the county's annual report also be submitted to the Hawaii housing finance and development corporation;
(4) Prohibit the authorization of special purpose revenue bonds requiring the allocation of the annual ceiling, unless requested by the governor and approved by the legislature, within the period after June 30, 2022, and before December 31, 2028; and
(5) Require allocation of the annual ceiling to a county with a population of five hundred thousand or more within the period after June 30, 2022, and before December 31, 2028, to be used only for rental housing projects eligible for low-income housing tax credits.
"§39B-
Semi-annual report status or
use of allocation. In addition to the report required by section 39B-4, within thirty
days of the end of each fiscal and calendar year, each county or any issuer
shall submit a report to the department and the Hawaii housing finance and
development corporation on the status or use of its portion of the allocation
of the annual state ceiling, including any carryforward allocation, that has
not been applied to an issuance of a qualified private bond, as evidenced by a
certificate of the issuer or the director of finance of a county, as
applicable."
SECTION 3. 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 [December] November 15 of each year as to the amount
of allocation to such county which has not been applied to private activity
bonds in such year or assigned pursuant to this chapter.
In
preparing such report, the director of finance of the county shall deduct any
allocation which is unused or unassigned as of [December] November
15 but will be applied to private activity bonds on or prior to December [31]
1 of such 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 [December] November 15 of each year that it intends to
carry forward all or any portion of its allocation which has not been applied
to private activity bonds in such year or assigned pursuant to this chapter, such
unused or unassigned allocation shall revert to the State on December [31]
1 and the State shall be entitled to carry forward such unused or
unassigned allocation as permitted by federal law."
SECTION 4. Unless requested by the governor and approved by the legislature, no special purpose revenue bonds requiring an allocation of annual state ceiling under section 39B-2, Hawaii Revised Statutes, shall be authorized after June 30, 2022 and before December 31, 2028.
SECTION 5. Any allocation of the annual state ceiling under section 39B-2, Hawaii Revised Statutes, to a county with a population of over five hundred thousand after June 30, 2022, or before December 31, 2028, shall only by used for rental housing projects eligible for the low-income housing tax credit under section 235-110.8, Hawaii Revised Statutes.
SECTION 6. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 7. This Act shall take effect on July 2, 2022.
Report Title:
State Bonds; Annual Ceiling; Private Activity Bonds; Hawaii HHFDC; Housing-related Projects; Counties; Reports
Description:
Requires any county or other issuer of private activity bonds to submit semi-annual reports to the Department of Budget and Finance and Hawaii Housing Finance and Development Corporation on the status or use of its portion of the allocation of the annual state ceiling. Amends the date by which the Director of Finance of each county must report to the Department of Budget and Finance the amount of its unused or unassigned allocation and requires that report to also be submitted to the Hawaii Housing Finance and Development Corporation. Prohibits the authorization of special purpose revenue bonds requiring allocation of the annual ceiling, unless requested by the governor and approved by the Legislature, between 6/30/2022 and 12/31/2028. Requires allocation of the annual ceiling to a county with a population of five hundred thousand or more between 6/30/2022 and 12/31/2028 to be used only for rental housing projects eligible for low-income housing tax credits. Effective 7/2/2022. (SD2)
The summary
description of legislation appearing on this page is for informational purposes
only and is not legislation or evidence of legislative intent.
