Excerpt from Capitol TV Feb 4, 2011. Representatives George Fontaine and Gene Ward vote with reservations on HB 1058 RELATING TO CAPITAL INVESTMENTS.
Amends chapter 37, Hawaii Revised Statutes, to include agency-wide technology and computer systems with an estimated useful life of greater than seven years as capital investments to allow all costs to be financed with bond funds and depreciated as capital investments.
"HB 1058 includes the ability to purchase computer equipment with bond funds. Computer equipment is usually depreciated over 5-7 years. Computer technology is constantly evolving. By using bonds to purchase equipment the state potentially extends the debt beyond the life of the equipment. Bonds are typically used for infrastructure improvements, land and or building purchases," said Representative Fontaine.
TEXT, STATUS: HB 1058 RELATING TO CAPITAL INVESTMENTS
TOTALLY RELATED: Abercrombie, Legislators scheme to divert capital improvement money to General Fund