(a) The annual state ceiling shall be allocated for each calendar year in the following proportions:
Terms Used In Hawaii Revised Statutes 39B-2
Annual state ceiling: means the principal amount of private activity bonds which may be issued in each calendar year by all issuers and counties in the State under the Internal Revenue Code of 1986, as the same may be amended. See Hawaii Revised Statutes 39B-1
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Governing body: means the councils of the counties, or any other body exercising the legislative powers of a county. See Hawaii Revised Statutes 39B-1
Issuer: means any state department, board, commission, officer, or authority, or private not-for-profit corporation authorized under the laws of the State to issue private activity bonds. See Hawaii Revised Statutes 39B-1
(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 the 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. Before requesting an additional allocation of the annual state ceiling for a specific calendar year or years under this subsection, a county shall have applied all of its allocation of the annual state ceiling for the specified calendar year or years as evidenced by a certificate of the issuer or the director of finance of a county, as applicable, under section 39B-3. If a county assigns all or any part of its private activity bond allocation for a specific calendar year or years to the State under this subsection, the assigned portion shall be applied to a project or projects located in the assigning county; provided that pursuant to a cooperative agreement with the department and Hawaii housing finance and development corporation under subsection (e), the private activity bond allocation may be awarded to projects located in other counties.(e) In order to facilitate the construction of new rental housing projects, the department and Hawaii housing finance and development corporation may enter into a cooperative agreement with a county to coordinate the award of private activity bonds and low-income housing tax credits for new rental housing projects in the county. The agreement shall, except as provided under federal law, be exempt from all statutes, ordinances, charter provisions, and rules of any government agency relating to the award of private activity bonds and low-income housing tax credits.
