Bill Text: HI SB4 | 2015 | Regular Session | Introduced

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Bill Title: Special Purpose Revenue Bonds; Chaminade University of Honolulu ($)

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-02-19 - Report adopted; Passed Second Reading and referred to WAM. [SB4 Detail]

Download: Hawaii-2015-SB4-Introduced.html

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THE SENATE	S.B. NO.	4
TWENTY-EIGHTH LEGISLATURE, 2015
STATE OF HAWAII

A BILL FOR AN ACT

 

 

relating to the issuance of special purpose revenue bonds for chaminade university of honolulu.

 

 

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 VIII, 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 $25,000,000, in one or more series, for the purpose of assisting Chaminade University of Honolulu, a not-for-profit private sectarian university that serves the general public, to finance and re-finance the planning, acquisition, construction, improvement, and equipping of its educational facilities.  Chaminade University of Honolulu intends to refinance, construct, and renovate athletic facilities and renovate classrooms and faculty and administrative offices.  In addition, it will conduct structural maintenance on the campus and its buildings, including the residence halls and external infrastructure, as well as improve landscaping and account for other related costs.   The legislature hereby finds and determines that the aforementioned activities constitute a project as defined in part VIII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a not-for-profit private sectarian university that serves the general public.

     SECTION 3.  The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities serving the general public.

     SECTION 4.  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 VIII, chapter 39A, Hawaii Revised Statutes, and the department of budget and finance may combine into 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 VIII, 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 5.  The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2020, 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 6.  The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2020.

     SECTION 7.  This Act shall take effect on July 1, 2015.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Special Purpose Revenue Bonds; Chaminade University of Honolulu

 

Description:

Authorizes the issuance of up to $25,000,000 in special purpose revenue bonds to assist Chaminade University of Honolulu.

 

 

 

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