Bill Text: HI SB2812 | 2022 | Regular Session | Amended
Bill Title: Relating To Bonds.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Engrossed - Dead) 2022-04-20 - Received notice of appointment of House conferees (Hse. Com. No. 729). [SB2812 Detail]
Download: Hawaii-2022-SB2812-Amended.html
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THE SENATE |
S.B. NO. |
2812 |
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THIRTY-FIRST LEGISLATURE, 2022 |
S.D. 2 |
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STATE OF HAWAII |
H.D. 1 |
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A BILL FOR AN ACT
RELATING TO BONDS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the Internal Revenue
Code of 1986, as amended, provides for a formula for the allocation of the State's
annual ceiling among governmental units authorized to issue private activity bonds.
The legislature further finds that title
26 United States Code section 146(e) also allows a state to establish a different
formula for allocating the state ceiling among its governmental units by state law.
The legislature further finds that the State
is committed to the production and maintenance of available affordable housing for
its residents, and housing-related projects could benefit from greater access to
private activity bond financing. Increasing
coordination between the State and 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 of the annual state ceiling to submit quarterly reports to the department of budget and finance on the status or use of any allocation;
(2) Prohibit the authorization of any special purpose revenue bonds that require an allocation of the annual state ceiling after June 30, 2022, and before December 31, 2028, unless requested by the governor and approved by the legislature; and
(3) Require any allocation of the annual state ceiling to a county with a population of over five hundred thousand during this same time frame to be used only for rental housing projects that are eligible for the low-income housing tax credit.
SECTION 2. Chapter 39B, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§39B-
Quarterly report status or use of allocation. A county or any issuer shall submit a quarterly
report to the department on the status or use of the county's or issuer's portion
of the allocation of the annual state ceiling, including any carryforward allocation,
that has not been applied to an insurance of a qualified private bond, as evidenced
by a certificate of the issuer or director of finance of a county, as applicable."
SECTION
3. 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 4. 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, but before December 31, 2028, shall be used only for rental housing projects eligible for the low-income housing tax credit under section 235-110.8, Hawaii Revised Statutes.
SECTION 5. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2050.
Report Title:
State Bonds; Annual State Bond Ceiling; Private Activity Bonds; Department of Budget and Finance; HHFDC; Quarterly Reports; Rental Housing Projects
Description:
Requires counties or issuers that retain their allocation of the annual state bond ceiling to submit quarterly reports to the department of budget and finance on the status or use of any allocation. Specifies that unless requested by the governor and approved by the legislature, no special purpose revenue bonds requiring an allocation of annual state ceiling shall be authorized after 6/30/2022, and before 12/31/2028. Specifies that any allocation of the annual state ceiling to a county with a population of over 500,000 during this same time period shall be used only for rental housing projects that are eligible for the low-income housing tax credit. Effective 7/1/2050. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
