RELATING TO BONDS.

2024 Regular Session Introduced by Stanley Chang

SB 1256 adjusts bond issuance ceilings, enhancing funding for county projects and affordable housing, boosting economic growth through improved financing options.

Carried over to 2024 Regular Session.

#annualceiling #counties #hhfdc #privateactivitybonds #statebonds

Overview

Bill Number: SB 1256
Title: Relating to Bonds
Status: Carried over to 2024 Regular Session
Introduced: January 25, 2023
Classification: Bill
Subject Areas: Annual Ceiling, Counties, HHFDC, Private Activity Bonds, State Bonds

SB 1256 is a legislative proposal aimed at addressing the management and issuance of bonds within the state, particularly focusing on private activity bonds and state bonds. The bill is designed to establish or modify certain ceilings and regulations that govern these financial instruments.

Purpose and Intent

The primary intent of SB 1256 is to provide a framework for the issuance of bonds that can facilitate funding for various projects within counties and through the Hawaii Housing Finance and Development Corporation (HHFDC). By adjusting the annual ceiling on bond issuance, the bill seeks to enhance the state's ability to finance essential infrastructure and housing projects, thereby stimulating economic growth and development.

Key Provisions

While the specific text of the bill is not provided, the following key provisions are anticipated based on the subject matter:

Annual Ceiling Adjustments: The bill may propose changes to the annual limits on the amount of bonds that can be issued by counties and the HHFDC.

Private Activity Bonds: It is likely to include provisions that affect the issuance of private activity bonds, which are often used to finance projects that benefit the public, such as affordable housing.

State Bonds: The bill may also address the issuance of state bonds, potentially streamlining processes or altering existing regulations to facilitate more efficient funding mechanisms.

Affected Parties

The following groups are expected to be impacted by SB 1256:

Counties: Local governments may gain increased flexibility in financing projects through adjusted bond ceilings.

HHFDC: The Hawaii Housing Finance and Development Corporation will likely benefit from enhanced capacity to issue bonds for housing projects.

Developers and Investors: Entities involved in real estate development and investment may find new opportunities for financing through the proposed changes to bond regulations.

Procedural Timeline

January 25, 2023: SB 1256 was introduced and passed its first reading.

January 30, 2023: The bill was referred to the Public Safety, Intergovernmental, and Military Affairs (PSM) and Ways and Means (WAM) committees for further consideration.

December 11, 2023: The bill was carried over to the 2024 Regular Session, indicating that discussions and potential amendments will continue in the upcoming legislative session.

Related Legislation

SB 1256 has a companion bill, HB 923, which may address similar issues or provide additional context to the proposed changes in bond regulations.

This summary provides a clear and concise overview of SB 1256, outlining its purpose, key provisions, affected parties, and procedural aspects to help readers understand the implications of the bill.

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