Bill Text: HI HB628 | 2014 | Regular Session | Introduced
Bill Title: Agribusiness Development Corporation; Agricultural Real Property Purchase; GO Bonds ($)
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Introduced - Dead) 2013-12-18 - Carried over to 2014 Regular Session. [HB628 Detail]
Download: Hawaii-2014-HB628-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
628 |
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TWENTY-SEVENTH LEGISLATURE, 2013 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO AGRICULTURE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to protect and promote agriculture by expanding the authority of the State to acquire land for agricultural use.
More specifically, this Act:
(1) Broadens the types of real property that the agribusiness development corporation may acquire for agriculture;
(2) Appropriates funds to the corporation for the acquisitions; and
(3) Authorizes the corporation to use its discretion to identify the specific real property to be acquired with the appropriations.
SECTION 2. Chapter 163D, Hawaii Revised Statutes, is amended by amending the title of part II to read as follows:
"[[]PART
II. ACQUISITION OF [IMPORTANT AGRICULTURAL LANDS] REAL PROPERTY FOR
AGRICULTURE"
SECTION 3. Section 163D-31, Hawaii Revised Statutes, is amended to read as follows:
"[[]§163D-31[] Acquisitions
of important agricultural lands authorized] Acquisition of real property
for agriculture; authorization by the legislature. (a) The
legislature may authorize the corporation to acquire [agricultural lands]
real property for the protection of agricultural lands, public land
banking[, or the] for future agricultural use, promotion of farm
ownership and diversified agriculture[.], and development,
maintenance, or preservation of water and irrigation resources for
agriculture. Real property that may be acquired under this section shall include
land that is not classified, designated, or zoned for agricultural use, but
that, subsequent to acquisition, is reserved by the corporation for permissible
agricultural use. For the purpose of this part, "real property"
includes any interest in real property, including an easement.
(b) The acquisition shall be authorized by a
bill enacted into law [and]. The act may authorize the corporation to
use its discretion to acquire real property of its choice or identify the
specific real property to be acquired. If the latter, the act shall
contain:
(1) A statement of the value of the [interest in
land] real property as a resource to the State;
(2) A description of the specific [parcel of land]
real property or agricultural easement proposed [to be acquired;]
for acquisition;
(3) The name of the owner of the real property; and
(4) The estimated costs of acquiring the [interest
in the land.] real property.
(c) The [landowner] owner shall
receive payment for the [interest in the land] real property in a
lump sum, through an installment purchase agreement as determined pursuant to
section 163D-32, or from revenues derived from the issuance of revenue bonds
pursuant to section 163D-9."
SECTION 4. Section 163D-32, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) If the [landowner] owner
agrees to the sale of the [interest in lands] real property
pursuant to section 163D-31, the [landowner] owner and the
corporation shall agree on whether the [landowner] owner shall
receive payment for the interest in a lump sum or through an installment
purchase agreement pursuant to section 163D-33."
SECTION 5. Section 163D-33, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The legislature may authorize the
corporation to negotiate installment purchase agreements for the acquisition of
specific [parcels of land for the protection of agricultural lands, public
land banking, or the promotion of farm ownership and diversified agriculture.]
real property for a purpose described in section 163D-31(a). The
installment purchase agreements shall be structured pursuant to the
requirements of the Internal Revenue Code of 1986, as amended, to defer
recognition of capital gain until all of the purchase price is paid. The
agreement shall include provisions for the periodic payment of a portion of the
purchase price with the remainder of the purchase price paid at the end of the
term of the agreement. The legislature shall authorize the purchase of United States Treasury zero coupon bonds for the installment purchase agreement with a
maturity date equal to the term of the agreement."
SECTION 6. The legislature authorizes the agribusiness development corporation to acquire real property for any purpose described in section 163D-31(a), Hawaii Revised Statutes. The legislature authorizes the corporation to use its discretion to identify the specific real property to acquire.
SECTION 7. The director of finance is authorized to issue general obligation bonds in the sum of $ or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2013-2014 for the purpose of acquiring real property for agriculture pursuant to chapter 163D, part II, Hawaii Revised Statutes, and this Act.
The sum appropriated shall be expended by the agribusiness development corporation.
SECTION 8. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 9. This Act shall take effect on July 1, 2013.
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INTRODUCED BY: |
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Report Title:
Agribusiness Development Corporation; Agricultural Real Property Purchase; GO Bonds
Description:
Broadens the types of real property that may be acquired by the agribusiness development corporation for agriculture. Authorizes the issuance of $ in general obligation bonds and appropriates the funds derived therefrom for fiscal year 2013-2014 to the corporation for real property acquisitions.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
