Report Title:

Financing Agreements; Certificates of Participation; Sunset

Description:

Prohibits agencies from entering into new financing agreements for capital improvement projects, including certificates of participation, after June 30, 2003.

HOUSE OF REPRESENTATIVES

H.B. NO.

400

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the management of financing agreements.

 

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

SECTION 1. Chapter 37D, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§37D-     Sunset. (a) After June 30, 2003, no agency shall enter into new financing agreements for capital improvement projects, including certificates of participation, under this chapter.

(b) For the purposes of this section, the term "capital improvement projects" includes:

(1) Plans, land acquisition, design, and construction, including initial built-in equipment, and necessary common use furnishings;

(2) New and replacement equipment and furnishings for existing facilities; and

(3) Major renovations, including additions and improvements to existing facilities, and the conversion of facilities from one type of use to another."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

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