Hawaii 2024 Regular Session

Hawaii Senate Bill SB1256

Introduced
1/25/23  
Refer
1/30/23  
Introduced
1/25/23  

Caption

Relating To Bonds.

Impact

The bill modifies existing statutes to clarify the process by which counties must exhaust their own allocations before petitioning for state assistance. Specifically, it mandates that a project seeking bond financing must first approach the corresponding county with an active bond issuance program. This change could enhance local project funding while ensuring that state resources are allocated wisely. If a county fails to utilize its allocation within the specified timeframe, the unused amounts are reverted back to the state, which can then redistribute them as necessary, enabling a more responsive approach to local funding needs.

Summary

SB1256, a legislative proposal in Hawaii, aims to amend the allocation process for private activity bonds among the state's counties. The bill establishes an annual state ceiling for these bonds, with specific proportions allocated to each county and the state itself. The intent is to ensure that counties utilize their bond allocations effectively and primarily for local projects before accessing state-level allocations. This regulation is intended to streamline financing practices while ensuring that counties are incentivized to manage their resources prudently.

Contention

Opponents of SB1256 may argue that the bill places undue burdens on counties, particularly those that may struggle to fully utilize their bond allocations due to the small size or limited number of viable projects. Critics could express concerns regarding the potential for delays in project financing as counties navigate the allocation processes, which may inhibit local economic development. Proponents, however, assert that the legislation will enhance accountability and encourage proactive management of financial resources at the county level, ultimately benefiting local communities.

Companion Bills

HI SB1256

Carry Over Relating To Bonds.

Previously Filed As

HI SB121

Relating To Bonds.

HI HB1829

Relating To Bonds.

HI SB2812

Relating To Bonds.

HI SB1256

Relating To Bonds.

HI HB923

Relating To Bonds.

HI HB2019

Relating To Bonds.

HI SB941

Relating To Green Bonds.

HI HB932

Relating To Green Bonds.

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