Bill > HB794

This bill authorizes the State of Hawaii to issue up to $1,913,987,000 in general obligation bonds to finance various projects outlined in specific legislative bills passed during the 2025 legislative session, including the General Appropriations Act, the Judiciary Appropriations Act, a bill relating to the State Foundation on Culture and the Arts, and a bill relating to the Stabilization of Property Insurance. The bill includes a detailed declaration of findings that demonstrates the state will not exceed its constitutional debt limit when issuing these bonds, which is set at 18.5% of the average general fund revenues from the three preceding fiscal years. The legislature carefully analyzes the current and projected debt, including outstanding bonds and potential guaranties, and concludes that the proposed bond issuance will not cause the state to breach its debt limit. The bonds are intended to be issued in stages from the second half of fiscal year 2024-2025 through fiscal year 2028-2029, with varying amounts ranging from $550,000,000 to $800,000,000 per issuance, and are expected to have interest rates not exceeding 7.50%. The bill also includes provisions for potential refunding of previously issued bonds and declares that if any part of the act is found invalid, the remainder will remain in effect.

Budget and Finance

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=794&year=2025