Committee adopts statutory changes to enable resilient infrastructure bonds for shelter and equity
Summary
The conference committee approved SB 3218 SD2 HD1, which adds definitions and preconditions for counties to issue resilient infrastructure for shelter and equity bonds and requires county council findings of financial infeasibility of other financing options before issuance.
Conference managers presented and the committee approved SB 3218 SD2 HD1, a bill that inserts a new definition for transit‑oriented development zones and modifies the definition of resilient infrastructure for shelter and equity districts. The CD1 also adds a requirement that a county council must adopt a resolution containing detailed findings and independent financial analysis demonstrating that financing via community facilities district assessments, a Hawaii Community Development Authority program, or other options would be legally or financially infeasible before a resilient infrastructure bond may be issued.
Managers said the change is intended to ensure counties exhaust other financing options before issuing bonds that are repaid by future property tax revenue growth within a district. The committee recorded votes on the managers' recommendation and the measure passed; supporters said the bill creates a new tool for funding public improvements without increasing property tax rates where bonds are repaid from growth within the district.
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