REPORT TITLE:
Housing Maintenance


DESCRIPTION:
Enables the state finance director to issue short-term floating
interest general obligation bonds for repair and maintenance of
public housing.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           883
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO HOUSING. 


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

 1      SECTION 1.  The legislature finds that general obligation
 
 2 bonds have terms of fifteen and twenty years and are not
 
 3 applicable to repairs and maintenance of government owned
 
 4 housing.  Unfortunately, the repair and maintenance of government
 
 5 owned housing has been neglected, causing extensive damage.
 
 6 Therefore, repair and maintenance is needed to extend the life of
 
 7 these buildings.  
 
 8      The legislature further finds that the issuance of short
 
 9 term bonds appropriated for the repair and maintenance of
 
10 government owned housing is the solution to our public housing
 
11 that has fallen into a state of disrepair.  Consequently,
 
12 interest rates are currently low, which is the best opportunity
 
13 to borrow funds and the increased construction activity will
 
14 promote economic growth.
 
15      The purpose of this Act is to authorize the state finance
 
16 director to issue short-term floating rate interest general
 
17 obligation bonds for the repair and maintenance of State owned
 
18 public housing.
 
19      SECTION 2.  Chapter 201G, Hawaii Revised Statutes, is
 

 
Page 2                                                     
                                     S.B. NO.           883
                                                        
                                                        

 
 1 amended by adding a new section to part III, subpart A, to be
 
 2 appropriately designated and to read as follows:
 
 3      "201G-     Issuance of bonds for the repair and maintenance
 
 4 of public housing.  The state finance director is authorized to
 
 5 issue five to ten year, floating interest rate general obligation
 
 6 bonds for the purpose of financing the repair and maintenance of
 
 7 State owned public housing."
 
 8      SECTION 3.  New statutory material is underscored.
 
 9      SECTION 4.  This Act shall take effect upon its approval.
 
10 
 
11                           INTRODUCED BY:  _______________________