[§37B -2] Prepayment of general obligation bond debt service.
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/hi/37b-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§37B -2] Prepayment of general obligation bond debt service.
(a)To comply with article VII, section 6, of the Constitution of the State of Hawaii, the legislature may prepay general obligation bond debt service. When choosing to do so, the legislature shall appropriate general funds to be expended to pay more than the general obligation bond debt service due in a fiscal year in order to retire general obligation bonds earlier than scheduled at the time of the appropriation.
(b)For the purpose of this section, the "general obligation bond debt service due in a fiscal year" means the principal of and interest on general obligation bonds that mature and are payable in a fiscal year under the applicable bond covenant and section 39-12. The term shall not mean any delinquent debt service payment accrued from a prior fiscal year, penalty or interest imposed because of the delinquent payment, or principal or interest on bond anticipation notes.
(c)An appropriation of general funds to prepay general obligation bond debt service may include an appropriation to pay a redemption premium. [L 2017, c 6, pt of §2]