REPORT TITLE:
G.O. Bonds; Counties


DESCRIPTION:
Authorizes the issuance of general obligation bonds to the
counties for general assistance purposes.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           2659
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE
   COUNTIES OF HONOLULU, MAUI, KAUAI, AND HAWAII.



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

 1      SECTION 1.  The legislature finds that the the State's
 
 2 stagnant economy has taken its toll on all levels of government.
 
 3 Like the State, the counties are struggling to provide current
 
 4 services on dwindling and often times undependable resources.  To
 
 5 address this difficult situation, this Act provides a vehicle for
 
 6 the counties to utilize state general obligation bonds to address
 
 7 its capital improvement project problems unique to their
 
 8 respective islands.
 
 9      SECTION 2.  The director of finance is authorized to issue
 
10 general obligation bonds in the following sums, or so much
 
11 thereof as may be necessary, to each county for fiscal year 2000-
 
12 2001 for general assistance purposes:
 
13      1.   Honolulu  ......$
 
14      2.   Maui      ......$
 
15      3.   Kauai     ......$
 
16      4.   Hawaii    ......$
 
17      SECTION 3.  The director of finance is authorized to enter
 
18 into written agreements with each recipient county that insures
 
19 compliance with applicable laws, protects the State's interests,
 

 
Page 2                                                     
                                     S.B. NO.           2659
                                                        
                                                        

 
 1 and provides for the full payment of the general obligation bonds
 
 2 by the counties.
 
 3      SECTION 4.  The bonds authorized under this Act shall lapse
 
 4 as of June 30, 2003.
 
 5      SECTION 5. This Act shall take effect on July 1, 2000.
 
 6 
 
 7                           INTRODUCED BY:  _______________________