1017
HOUSE OF REPRESENTATIVES                H.B. NO.           
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 7 of Act 50, Session Laws of Hawaii
 
 2 1979, as amended by section 2 of Act 13, First Special Session
 
 3 Laws 1981, section 1 of Act 224, Session Laws of Hawaii 1984,
 
 4 section 1 of Act 171, Session Laws of Hawaii 1991, and section 7
 
 5 of Act 1, Special Session Laws of Hawaii 1995, is amended to read
 
 6 as follows:
 
 7      "SECTION 7.  Issuance of revenue bonds; amount authorized.
 
 8 Revenue bonds may be issued by the housing [finance] and
 
 9 community development corporation of Hawaii pursuant to part III,
 
10 chapter 39, and subpart B of part [II] III of chapter [201E,]
 
11 201G, Hawaii Revised Statutes, in an aggregate principal amount
 
12 not to exceed [$1,775,000,000] $2,275,000,000 at such times and
 
13 in such amounts as it deems advisable for the purpose of
 
14 undertaking and maintaining any of its housing loan programs in
 
15 subpart B of part [II] III of chapter [201E,] 201G, Hawaii
 
16 Revised Statutes, relating to the funding or purchasing of
 
17 eligible loans."
 
18      SECTION 2.  Statutory material to be repealed is bracketed.
 
19 New statutory material is underscored.
 

 
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 1      SECTION 3.  This Act shall take effect upon its approval.
 
 2 
 
 3                           INTRODUCED BY: ________________________
 

 
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