Bill Text: HI HB2412 | 2012 | Regular Session | Introduced
Bill Title: Dwelling Unit Revolving Fund; General Obligation Bond Principal
Spectrum: Partisan Bill (Democrat 14-0)
Status: (Introduced - Dead) 2012-02-28 - (H) The committee(s) on FIN recommend(s) that the measure be deferred. [HB2412 Detail]
Download: Hawaii-2012-HB2412-Introduced.html
|
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2412 |
|
TWENTY-SIXTH LEGISLATURE, 2012 |
|
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to temporarily allow the dwelling unit revolving fund to reimburse the general fund for the principal of general obligation bonds issued for housing projects.
This Act also appropriates the amount reimbursed to the general fund for the repair and maintenance of public housing projects.
The legislature intends that this Act serve the dual objectives of promoting economic recovery and job creation and making public housing units available.
SECTION 2. Section 201H-191, Hawaii Revised Statutes, is amended to read as follows:
"[[]§201H-191[]]
Dwelling unit revolving fund. There is created a dwelling unit revolving
fund. The funds appropriated for the purpose of the dwelling unit revolving
fund and all moneys received or collected by the corporation for the purpose of
the revolving fund shall be deposited in the revolving fund. The proceeds in
the revolving fund shall be used to reimburse the general fund to pay the
interest on general obligation bonds issued for the purposes of the revolving
fund, for the necessary expenses in administering housing development programs,
and for carrying out the purposes of housing development programs, including
but not limited to the expansion of community facilities constructed in
conjunction with housing projects, permanent primary or secondary financing,
and supplementing building costs, federal guarantees required for operational
losses, and all things required by any federal agency in the construction and
receipt of federal funds or low‑income housing tax credits for housing
projects. Beginning on July 1, 2012, the unencumbered and unexpended
balance of the revolving fund on that date and July 1, 2013, may be
appropriated to reimburse the general fund to pay all or some of the principal
of the general obligation bonds."
SECTION 3. There is appropriated out of the dwelling unit revolving fund of the State of Hawaii the sum of $8,000,000 or so much thereof as may be necessary for fiscal year 2012-2013 to reimburse the general fund for some of the principal of general obligation bonds issued to provide moneys for the revolving fund before July 1, 2012.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.
SECTION 4. There is appropriated out of the general revenues of the State of Hawaii the sum of $8,000,000 or so much thereof as may be necessary for fiscal year 2012-2013 for the repair and maintenance of public housing units.
The sum appropriated shall be expended by the Hawaii public housing authority for the purposes of this Act.
SECTION 5. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2012, and shall be repealed on June 30, 2014; provided that section 201H-191, Hawaii Revised Statutes, shall be reenacted on July 1, 2014, in the form in which it read on the day before the effective date of this Act.
|
INTRODUCED BY: |
_____________________________ |
|
|
|
Report Title:
Dwelling Unit Revolving Fund; General Obligation Bond Principal
Description:
Temporarily allows the dwelling unit revolving fund to reimburse the general fund for the principal of general obligation bonds issued for housing projects and programs. Appropriates the moneys reimbursed to repair and maintain public housing units. Effective on 7/1/12, and terminates on 6/30/14.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
