HB2476 proposes amendments to the Hawaii State Constitution to authorize counties to issue housing infrastructure growth bonds.

HB2476 proposes amendments to Article VII, Sections 12 and 13, of the Hawaii State Constitution to authorize counties to issue housing infrastructure growth bonds. These bonds would be payable solely from incremental real property tax revenues generated within designated districts. The amendments aim to clarify that these bonds are payable solely from those incremental revenues and need not be supported by countywide tax increases. Additionally, the bonds would be excluded from county debt limit calculations to the extent they are repaid from those incremental revenues.

HB2476 proposes amendments to the Hawaii State Constitution to authorize counties to issue housing infrastructure growth bonds.

HB2476 proposes amendments to Article VII, Sections 12 and 13, of the Hawaii State Constitution to authorize counties to issue housing infrastructure growth bonds. These bonds would be payable solely from incremental real property tax revenues generated within designated districts. The amendments aim to clarify that these bonds are payable solely from those incremental revenues and need not be supported by countywide tax increases. Additionally, the bonds would be excluded from county debt limit calculations to the extent they are repaid from those incremental revenues.