Bill Text: HI SB1255 | 2018 | Regular Session | Amended

Hawaii Senate Bill 1255 (Prior Session Legislation)

Bill Title: Relating To The Issuance Of Special Purpose Revenue Bonds To Honokaa Land Company, Llc.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Engrossed - Dead) 2017-11-30 - Carried over to 2018 Regular Session. [SB1255 Detail]

Download: Hawaii-2018-SB1255-Amended.html

THE SENATE	S.B. NO.	1255
TWENTY-NINTH LEGISLATURE, 2017		H.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO HONOKAA LAND COMPANY, LLC.

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 part X, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, 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 assisting Honokaa Land Company, LLC, a domestic limited liability corporation, with acquiring, developing, and renovating various facilities. The work will include rebuilding structures at the Haina Mill site for soils development, equipment, greenhouse facilities, and other infrastructure development, and the conversion of the Hawi site to organic production; development of cover crops including alfalfa, pigeon pea, and other livestock feed; significant upgrades to existing structures; and construction of pasteurization facilities, a creamery/cheesery, and the requisite equipment. The funds will also be used to aid the Honokaa Land Company, LLC, in converting to renewable energy such as solar and wind energy. The legislature hereby finds and determines that the agricultural development and facilities renovations constitute a project as defined in part X, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an agricultural enterprise.

SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part X, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist agricultural enterprises.

SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2022, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 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. In making this determination, the department 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, 2022.

SECTION 6. This Act shall take effect on July 31, 2150.

Report Title:

Special Purpose Revenue Bonds; Honokaa Land Company, LLC

Description:

Authorizes the issuance of special purpose revenue bonds to provide financing to assist Honokaa Land Company, LLC, with acquiring, developing, and renovating various agricultural facilities and structures. (SB1255 HD1)

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