Bill Text: HI HB2075 | 2016 | Regular Session | Introduced
Bill Title: Future Caucus Package; Tax Increment Bonds; County Debt Limit Statements
Spectrum: Slight Partisan Bill (Democrat 7-3)
Status: (Introduced - Dead) 2016-01-27 - Referred to JUD, FIN, referral sheet 2 [HB2075 Detail]
Download: Hawaii-2016-HB2075-Introduced.html
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2075 |
TWENTY-EIGHTH LEGISLATURE, 2016 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO TAX INCREMENT BONDS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 47C-2, Hawaii Revised Statutes, is amended to read as follows:
"§47C-2 Determination of funded debt.
Within ninety days after the first day of each fiscal year, the director of
finance of each county shall ascertain and set forth in a tabular summary the
total indebtedness of the county outstanding and unpaid as of the first day of [such]
the fiscal year. The summary shall include the following:
(1) An itemization of the total principal amount of
all general obligation bonds, reimbursable general obligation bonds, revenue bonds,
special assessment bonds, special purpose revenue bonds, and all other bonds of
the county outstanding and unpaid, including bonds [which] that
may be excluded under clauses 1, 2, 3, 4, 5, 6, 8, [and] 9, and 10
of section 13 of article VII of the constitution when determining the funded
debt of the county for the purposes of that section together with a grand total
of [such] the total principal amounts.
(2) The total principal amount of all bonds of the State required by clause (7) of section 13 of article VII of the constitution to be included when determining the funded debt of the county for the purposes of that section.
(3) A grand total of the total principal amounts set forth in the summary pursuant to paragraphs (1) and (2).
(4) An itemization of the total of the principal
amount of all general obligation bonds, reimbursable general obligation bonds,
revenue bonds, special assessment bonds, [and] special purpose revenue
bonds, and tax increment bonds of the county outstanding and unpaid [which]
that may be excluded under clauses 1, 2, 3, 4, 5, 6, 8, [and] 9,
and 10 of section 13 of article VII of the constitution when determining
the total funded debt of the county for the purposes of that section, together
with a grand total of [such] the total principal amounts.
(5) The difference between the grand total principal amount set forth in the summary pursuant to paragraph (3) and the grand total principal amount set forth in the summary pursuant to paragraph (4).
The director of finance shall also prepare and
attach to the tabular summary [such] any supporting schedules as
may be required to set forth in detail the bonds included in the itemizations
required by paragraphs (1) and (4). [Such] The supporting
schedules shall also set forth or make reference to the relevant statutory,
charter, ordinance, or other legal provision, and the relevant figures of
assessment collections, revenues, user tax receipts, cost of operation,
maintenance and repair, net revenues, net user tax receipts, reimbursements to
the general fund, and other financial information, justifying the inclusion of [such]
the bonds in the itemization required by paragraph (4). The director of
finance shall indicate in the supporting schedules whether the financial
findings and figures are based upon the records of the director's office or
upon audited statements and reports, and if based upon the latter, shall
identify in the schedules the audited reports and statements."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval and upon ratification of a constitutional amendment expressly providing that the legislature may authorize the counties to issue tax increment bonds.
INTRODUCED BY: |
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Report Title:
Future Caucus Package; Tax Increment Bonds; County Debt Limit Statements
Description:
Conforms county debt limit statements laws to include tax increment bonds if a constitutional amendment allowing the State to authorize the use of such bonds by the counties is ratified.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.