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Council committee advances bill creating taxable general improvement bond fund for mixed-use housing
Summary
The Honolulu City Council Budget Committee amended and reported out Bill 54, creating a fund to receive and expend proceeds from taxable general obligation bonds to finance executive capital budget improvements—aimed at projects with mixed commercial/residential uses that require taxable financing to avoid federal arbitrage rules.
The Honolulu City Council Committee on Budget on Jan. 10 advanced Bill 54 of 2024 after adopting a hand-carried CD1 that specifies the new fund will pay appropriations for improvements in the executive capital budget ordinance and sets the bill’s effective date to July 1, 2025.
Committee Chair Del Santos Tam said the CD1 (OCS 2025-0037/1/10/2025, 2:24 p.m.) narrows the fund’s use to the executive capital budget and…
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