Bill Text: HI HCR137 | 2019 | Regular Session | Amended
Bill Title: Requesting The Department Of Budget And Finance To Inform The President Of The Senate And The Speaker Of The House Of Representatives Within Seven Days Of The Issuance Of Special Purpose Revenue Bonds.
Spectrum: Moderate Partisan Bill (Democrat 7-1)
Status: (Passed) 2019-04-22 - Re-referred to FIN, referral sheet 57 [HCR137 Detail]
Download: Hawaii-2019-HCR137-Amended.html
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HOUSE OF REPRESENTATIVES |
H.C.R. NO. |
137 |
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THIRTIETH LEGISLATURE, 2019 |
S.D. 1 |
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STATE OF HAWAII |
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HOUSE CONCURRENT
RESOLUTION
REQUESTING the Department of Budget and Finance to inform the president of the senate and the Speaker of the House of Representatives within seven days of the issuance of Special Purpose Revenue Bonds.
WHEREAS, special purpose revenue bonds are bonds issued by the State to assist private organizations with certain qualifying projects that the Legislature finds to be in the public interest; and
WHEREAS, specifically, the Hawaii State Constitution authorizes the issuance of special purpose revenue bonds to finance facilities of or for, or to loan the proceeds of bonds to assist:
(1) Manufacturing, processing, or industrial enterprises;
(2) Utilities serving the general public;
(3) Health care facilities provided to the general public by not-for-profit corporations;
(4) Early childhood education and care facilities provided to the general public by not-for-profit corporations;
(5) Low- and moderate-income government housing programs;
(6) Not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges and universities;
(7) Agricultural enterprises; or
(8) Dam and reservoir owners; and
WHEREAS, the company or organization for whom the special purpose revenue bonds are issued must agree to pay the State funds that cover:
(1) The principal and interest on the bonds;
(2) Sufficient reserves;
(3) All fees and expenses in connection with the bond issue; and
(4) All other expenses incurred by the State to carry about the issuance of the bonds; and
WHEREAS, companies and organizations find the issuance of special purpose revenue bonds desirable because it allows them to access financing for projects at a low interest rate; and
WHEREAS, although section 12 of Article VII of the Hawaii State Constitution and section 39A-1, Hawaii Revised Statutes, require the Governor to submit an annual report on the cumulative amount of all special purpose revenue bonds authorized and issued, and certain other information, there is currently no requirement that the Legislature be notified immediately after special purpose revenue bonds are issued; and
WHEREAS, because the Legislature is responsible for authorizing the issuance of special purpose revenue bonds, and because the individual projects funded by the bonds often impact or benefit the communities that individual legislators represent, it would be beneficial for the Legislature to be notified when special purpose revenue bonds are issued so that Legislators may keep their constituents informed; now, therefore,
BE IT RESOLVED by the House of Representatives of the Thirtieth Legislature of the State of Hawaii, Regular Session of 2019, the Senate concurring, that the Department of Budget and Finance is requested to inform the President of the Senate and the Speaker of the House of Representatives within seven days of the issuance of special purpose revenue bonds; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Governor and Director of Finance.
Special Purpose Revenue Bonds; Issuance; Notification to Legislature
