Hawaii Revised Statutes Division 1. Government § 37C-1

(a) The director of finance, with the approval of the governor, shall submit to the legislature a recommended state debt management policy, in accordance with this chapter, at least twenty days prior to the convening of the regular session of 2017.

(b) The recommended state debt management policy shall consist of guidelines and restrictions that affect the amount and type of bonds issued by the state government, the issuance process, and the management of the state debt portfolio. The purpose of the policy shall be to improve the quality of decisions, provide justification for the structure of debt issuance, identify policy goals, and demonstrate a commitment to long-term financial planning, including a multi-year capital plan and debt service payment schedule.

(c) The recommended state debt management policy shall address bonded debt as well as financing agreements, certificates of participation, and other instruments that provide financing for state facilities in return for periodic lease or other payments.

(d) The director of finance may submit recommended amendments of the policy to the legislature prior to the convening of any regular session.