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GM 1170

Informing the Legislature that on May 19, 2025, the Governor signed the following bill into law: HB1156 HD1 SD1 CD1 (ACT 070).

2025 Regular Session

Act 070 allows Hawaii to issue up to $600M in special facility revenue bonds, boosting maritime operations and supporting economic growth through enhanced leasing powers.

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Bill Summary · GM 1170

Summary of Bill GM 1170

Bill Number: GM 1170
Title: Informing the Legislature that on May 19, 2025, the Governor signed the following bill into law: HB1156 HD1 SD1 CD1 (ACT 070)
Status: Received
Introduced: May 19, 2025
Classification: Proclamation
Subject: Act 070

Purpose and Intent

Bill GM 1170 serves as a formal notification to the Hawaii State Legislature that the Governor, Josh Green, M.D., signed into law House Bill 1156 (HB 1156), which has been designated as Act 070. The primary intent of this legislation is to amend existing statutes related to special facility revenue bonds, thereby enhancing the financial capabilities of the state in supporting maritime and maritime-related operations.

Key Provisions

The key provisions of Act 070 include:

  1. Amendment of Section 266-52:

    • The bill expands the powers of the Department of Transportation concerning special facility leases and revenue bonds.
    • It allows the department to enter into special facility leases for the construction, acquisition, remodeling, and equipping of facilities used by private entities engaged in maritime operations.

  2. Issuance of Revenue Bonds:

    • The bill permits the issuance of special facility revenue bonds up to $600,000,000, significantly increasing the previous limit of $100,000,000.
    • It also allows for the issuance of refunding bonds without further legislative authorization, facilitating the management of existing bond obligations.

  3. Construction and Acquisition:

    • The legislation empowers the department to acquire, construct, remodel, furnish, or equip special facilities on state-owned land, streamlining the process for maritime-related projects.

  4. Effective Date:

    • The provisions of Act 070 will take effect on July 1, 2025.

Who Would Be Affected

The enactment of Act 070 primarily affects:

  • Department of Transportation: Gains enhanced authority to manage special facility leases and revenue bonds.
  • Private Entities: Companies engaged in maritime and maritime-related operations will benefit from the ability to lease state facilities and access funding through revenue bonds.
  • State Economy: The increased financial capacity for maritime projects may stimulate economic growth and job creation within the maritime sector.

Procedural Aspects

  • The bill was officially signed into law by the Governor on May 19, 2025.
  • It was passed by both the House of Representatives and the Senate of the Thirty-Third Legislature on April 30, 2025.

Conclusion

Bill GM 1170 serves as an important legislative proclamation that signals the State of Hawaii's commitment to enhancing its maritime infrastructure through increased financial mechanisms. By amending the existing laws governing special facility revenue bonds, Act 070 aims to facilitate growth and development in the maritime sector, ultimately benefiting the state's economy and its residents.

Compiled from official sources — confirm details with the bill’s official record.

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