Bill Text: HI SB809 | 2013 | Regular Session | Amended

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Bill Title: Taxable General Obligation Bonds; Low- and Moderate-income Housing; Hawaii Housing Finance and Development Corporation; Debt Servicing ($)

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2013-02-12 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB809 Detail]

Download: Hawaii-2013-SB809-Amended.html

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STAND. COM. REP. NO. 203

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 809

       S.D. 1

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committees on Economic Development, Government Operations and Housing and Human Services, to which was referred S.B. No. 809 entitled:

 

"A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS AND MAKING AN APPROPRIATION FOR THE CONSTRUCTION AND IMPROVEMENT OF LOW- AND MODERATE-INCOME HOUSING,"

 

beg leave to report as follows:

 

     The purpose and intent of this measure is to authorize the issuance of general obligation bonds for the construction and improvement of low- and moderate-income housing throughout the State.

 

     Your Committees received testimony in support of this measure from the Community Alliance for Mental Health.  Your Committees received comments on this measure from the Department of Budget and Finance and Hawaii Housing Finance and Development Corporation.

 

     Your Committees find that the State continues to have a great need for affordable housing and that the issuance of general obligation bonds is needed to fund the development and rehabilitation of low- and moderate-income housing at various projects throughout the State, some of which are on private land.

 

     The Department of Budget and Finance submitted written testimony commenting that under federal law, tax-exempt general obligation bond proceeds cannot be used to finance projects on private land and that taxable general obligation bonds will be required.  The Department of Budget and Finance also commented that appropriations for debt service on the taxable general obligation bonds are also necessary, as public funding is not available in the Executive Budget.

 

     Your Committees have amended this measure by:

 

     (1)  Authorizing the issuance of taxable general obligation bonds;

 

     (2)  Making an appropriation from general funds in the amount of $21,000,000 for fiscal years 2013-1014 and 2014-2015 for debt service on the taxable general obligation bonds; and

 

     (3)  Making a technical, nonsubstantive amendment for the purposes of clarity and consistency.

 

     As affirmed by the records of votes of the members of your Committees on Economic Development, Government Operations and Housing and Human Services that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 809, as amended herein, and recommend that it pass Second Reading in the form attached hereto as S.B. No. 809, S.D. 1, and be referred to the Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committees on Economic Development, Government Operations and Housing and Human Services,

 

____________________________ SUZANNE CHUN OAKLAND, Chair		____________________________ DONOVAN M. DELA CRUZ, Chair