2017 Hawaii Revised Statutes
TITLE 5. STATE FINANCIAL ADMINISTRATION
39B. Allocation of Private Activity Bonds
39B-2 Allocation of annual state ceiling.

§39B-2 Allocation of annual state ceiling. (a) The annual state ceiling shall be allocated for each calendar year in the following proportions:

(1) An amount equal to fifty per cent of the annual state ceiling to the State;

(2) An amount equal to 37.55 per cent of the annual state ceiling to the city and county of Honolulu;

(3) An amount equal to 5.03 per cent of the annual state ceiling to the county of Hawaii;

(4) An amount equal to 2.41 per cent of the annual state ceiling to the county of Kauai; and

(5) An amount equal to 5.01 per cent of the annual state ceiling to the county of Maui.

(b) The department, with the approval of the governor, may assign all or any part of the allocation of the State to any issuer or any county for a specific calendar year or years. At the request of the department, any issuer or county to which any part of the State's allocation has been assigned shall return all or part of the assignment, in which case the department may provide for its reassignment.

(c) The department may request return of all or any part of the allocations of one or more counties made pursuant to subsection (a), and may assign and reassign the allocation to any other county or issuer for a specified calendar year or years.

(d) A county, by resolution of its governing body, or any issuer, by written certificate of such issuer, may request additional allocations of the annual state ceiling from, or assign all or any part of its portion of the allocation of the annual state ceiling to, the State for a specified calendar year or years. [L 1985, c 12, pt of §2; am L 1987, c 62, §4]