Bill Text: HI HB2233 | 2018 | Regular Session | Introduced


Bill Title: Relating To Special Purpose Revenue Bonds For A Geothermal Industrial Park.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced) 2018-01-31 - The committee(s) on EDB recommend(s) that the measure be deferred. [HB2233 Detail]

Download: Hawaii-2018-HB2233-Introduced.html

HOUSE OF REPRESENTATIVES

H.B. NO.

2233

TWENTY-NINTH LEGISLATURE, 2018

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to special purpose revenue bonds for a geothermal industrial park.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare.

     SECTION 2.  Pursuant to section 206M-9 and part V, chapter 39A, Hawaii Revised Statutes, the Hawaii technology development corporation, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $         , in one or more series, for the purpose of financing the costs of developing a geothermal industrial park near a new or existing geothermal power source for the purpose of creating an economic opportunity for energy-intensive industries engaged in commerce.  The authority issued pursuant to this section shall include the authority to purchase land and exercise the power of eminent domain pursuant to chapter 101, Hawaii Revised Statutes, to acquire lands near a geothermal source for the use and expansion of the geothermal industrial park.  The legislature hereby finds and determines that a geothermal industrial park constitutes an industrial park within the scope of section 206M-9, Hawaii Revised Statutes, and is a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to energy‑intensive industries engaged in commerce.

     SECTION 3.  The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to section 206M-9 and part V, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist industrial enterprises.

     SECTION 4.  The Hawaii technology development corporation is authorized, from time to time, including times subsequent to July 1, 2018, to issue special purpose revenue bonds in whatever principal amounts the corporation shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 of this Act and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2 of this Act.  In making this determination, the corporation shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.

     SECTION 5.  The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2023.

     SECTION 6.  This Act shall take effect on July 1, 2018.

 

INTRODUCED BY:

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Report Title:

HTDC; SPRB; Geothermal Industrial Park

 

Description:

Authorizes the Hawaii Technology Development Corporation to issue special purpose revenue bonds in its name to finance the costs of a geothermal industrial park near a new or existing geothermal power source for the purpose of creating economic opportunity for energy intensive industries engaged in commerce.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.

 

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