Bill Text: HI SB2236 | 2012 | Regular Session | Amended
Bill Title: Special Purpose Revenue Bonds; Clearcom, Inc.; Hawaii Broadband Initiative
Spectrum: Moderate Partisan Bill (Democrat 9-1)
Status: (Passed) 2012-07-10 - (S) Act 242, 7/6/2012 (Gov. Msg. No. 1345). [SB2236 Detail]
Download: Hawaii-2012-SB2236-Amended.html
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THE SENATE |
S.B. NO. |
2236 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO INFORMATION TECHNOLOGY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the development of broadband infrastructure to enable access to affordable ultra high-speed internet is essential to build a vibrant and sustainable economy and workforce in Hawaii and improve the quality of life for residents. The legislature further finds that the utilization of abandoned water mains in conjunction with Act 151, Session Laws of Hawaii 2011, provides a unique opportunity to achieve the State's Hawaii broadband initiative goals in a timely and cost effective manner. Underground cables are protected from weather related risks and accident damage, and preserve Hawaii's uncluttered environment. The use of abandoned water mains is a proven way to facilitate cost efficient and rapid deployment of buried fiber optic infrastructure, while minimizing the unavoidable traffic impacts that plague traditional underground construction methods, especially in the urban core. For these reasons, 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 V, 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 $100,000,000, in one or more series, for the purpose of assisting Clearcom, Inc., or a partnership headed by Clearcom, Inc., with the planning, permitting, designing, constructing, equipping, and operating of broadband infrastructure at locations throughout the State. SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part V, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist industrial enterprises.
SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2017, 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 special purpose revenue bonds issued under this Act may be issued in one or more series for a single project, multiple projects, a single-project party, or multiple-project parties pursuant to the authority of this Act or the combined authority of this Act and any one or more other separate acts of the legislature pursuant to part V, chapter 39A, Hawaii Revised Statutes, and the department of budget and finance may combine a single issue of special purpose revenue bonds, in one or more series, two or more proposed issues of special purpose revenue bonds to be issued pursuant to part V, chapter 39A, Hawaii Revised Statutes, separately authorized, in the total amount not to exceed the aggregate of the proposed separate issues of special purpose revenue bonds.
SECTION 6. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2017.
SECTION 7. This Act shall take effect on July 1, 2112.
Report Title:
Special Purpose Revenue Bonds; Clearcom, Inc.; Hawaii Broadband Initiative
Description:
Authorizes the issuance of special purpose revenue bonds to assist Clearcom, Inc., or a partnership headed by Clearcom, Inc., with planning, permitting, designing, constructing, equipping, and operating broadband infrastructure throughout the State. Effective July 1, 2112. (SB2236 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
