2021 Plan of Finance Amortization

State Government Structure Hawaii has a Centralized State Government with Strong Executive Authority ■ The Governor's office has significant powers and scope - Governor and the Lieutenant Governor are the only directly STATE O OF 1959 HAWAI elected executive officials (same ticket) - Executive authority to control spending through ability to — restrict, delay or suspend appropriations Broad powers of appointment Authority to issue Emergency Proclamations ■ State Legislature has the ability to increase taxes and authorize debt without voter approval ■The State's Constitution does not provide for voter driven initiatives ■ The Council on Revenues ("the Council") provides independent quarterly revenue forecasts that facilitate better budget planning and execution Biennium budgeting and multi-year financial and capital planning are additional strengths ■ Constitutional requirements for positive ending General Fund balance and either level debt service or level debt 9 Hawaii's G.O. Bonds have a clear first lien priority on all General Fund balances

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