School bond and tax elections in Hawaii

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School bond and tax elections in Hawaii are not required in order to approve a bond issue. The Hawaii Legislature has exclusive authority over bond issues and school finance matters in Hawaii.

Laws affecting school finance

Hawaii bond issue law

The Hawaii Constitution grants power to the Hawaii Legislature to approve all bond issues in the State of Hawaii. School districts in Hawaii are entitled to special purpose revenue bonds. Not-for-profit private nonsectarian and sectarian elementary schools, along with public elementary and secondary schools are eligible for special purpose revenue bonds.[1]

A Special Purpose Revenue Bond is defined under Hawaii law as a bond payable from rental or other payments made to an issuer by a person in agreement to a contract and secured under the parameters of Hawaii law.

In order to approve a special purpose revenue bond, the bond issue must be approved by a two thirds vote in the Hawaii House of Representatives along with the Hawaii State Senate.[2]

Under the Hawaii Constitution, all special purpose bonds must be paid through a good faith effort to pay down the principal of the bonds and interest.[3]

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References

  1. "State of Hawaii" Hawaii Constitution(Referenced Section Article VII, Section 12)
  2. "State of Hawaii" Hawaii Constitution(Referenced Section Article VII, Section 12)
  3. "State of Hawaii" Hawaii Constitution(Referenced Section Article VII, Section 13)