HOUSE OF REPRESENTATIVES

H.B. NO.

783

TWENTY-SIXTH LEGISLATURE, 2011

H.D. 1

STATE OF HAWAII

Proposed

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO HOUSING.

 

 

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

 


     SECTION 1.  The purpose of this Act is to temporarily allow the dwelling unit revolving fund to reimburse the general fund for the principal of general obligation bonds issued for housing projects.  The legislature intends for this Act to temporarily free up, for other public purposes, the general funds used to pay the principal on those bonds.

     SECTION 2.  Section 201H-191, Hawaii Revised Statutes, is amended to read as follows:

     "[[]§201H-191[]]  Dwelling unit revolving fund.  There is created a dwelling unit revolving fund.  The funds appropriated for the purpose of the dwelling unit revolving fund and all moneys received or collected by the corporation for the purpose of the revolving fund shall be deposited in the revolving fund.  The proceeds in the revolving fund shall be used to reimburse the general fund to pay the interest on general obligation bonds issued for the purposes of the revolving fund, for the necessary expenses in administering housing development programs, and for carrying out the purposes of housing development programs, including but not limited to the expansion of community facilities constructed in conjunction with housing projects, permanent primary or secondary financing, and supplementing building costs, federal guarantees required for operational losses, and all things required by any federal agency in the construction and receipt of federal funds or low‑income housing tax credits for housing projects.  Beginning on July 1, 2011, the unencumbered and unexpended balance of the revolving fund on June 30, 2011, and June 30, 2012, may be appropriated to reimburse the general fund to pay some of the principal of those general obligation bonds."

     SECTION 3.  There is appropriated out of the dwelling unit revolving fund of the State of Hawaii the sum of $8,600,000 or so much thereof as may be necessary for fiscal year 2011-2012 to reimburse the general fund for some of the principal of general obligation bonds issued to provide moneys for the revolving fund before July 1, 2011.

     The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.

     SECTION 4.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 5.  This Act shall take effect on July 1, 2011, and shall be repealed on June 30, 2013; provided that section 201H-191, Hawaii Revised Statutes, shall be reenacted on July 1, 2013, in the form in which it read on the day before the effective date of this Act.


 


 

Report Title:

Dwelling Unit Revolving Fund; General Obligation Bond Principal

 

Description:

Temporarily allows the dwelling unit revolving fund to reimburse the general fund for the principal of general obligation bonds issued for housing projects and programs.  Takes effect on 7/1/11, and terminates on 6/30/13. (HD1)

 

 

 

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