Bill Text: HI SB392 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Special Purpose Revenue Bonds; Honolulu Seawater Air Conditioning, LLC; Extension

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Engrossed - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [SB392 Detail]

Download: Hawaii-2010-SB392-Amended.html

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Report Title:

Special Purpose Revenue Bonds; Honolulu Seawater Air Conditioning, LLC; Extension

 

Description:

Extends the authorization to issue special purpose revenue bonds for Honolulu Seawater Air Conditioning, LLC for the design and construction of a seawater air conditioning/thermal energy storage district cooling system on Oahu. (SD1)

 

THE SENATE	S.B. NO.	392
TWENTY-FIFTH LEGISLATURE, 2009		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HONOLULU SEAWATER AIR CONDITIONING, LLC PROJECTS ON OAHU.

 

 

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

 

     SECTION 1.  Act 111, Session Laws of Hawaii 2004, is amended by amending sections 5 and 6 to read as follows:

     "SECTION 5.  The department of budget and finance is authorized, from time to time, including times subsequent to June 30, [2009,] 2014, 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 multi-project programs.  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 6.  The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, [2009.] 2014."

     SECTION 2.  This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun, before its effective date.

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on July 1, 2070.