Bill Text: HI SB707 | 2013 | Regular Session | Amended
Bill Title: DLNR; PLDC; Repeal; Land Conservation Fund; Employees; Transfer ($)
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Engrossed - Dead) 2013-02-28 - Referred to WAL/FIN, referral sheet 28 [SB707 Detail]
Download: Hawaii-2013-SB707-Amended.html
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THE SENATE |
S.B. NO. |
707 |
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TWENTY-SEVENTH LEGISLATURE, 2013 |
S.D. 1 |
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STATE OF HAWAII |
Proposed |
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A BILL FOR AN ACT
relating to economic development.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
PART I
DEPARTMENT OF HAWAIIAN HOME LANDS
SECTION 1. Section 220, Hawaiian Homes Commission Act of 1920, is amended by amending subsection (a) to read as follows:
"(a) Subject to subsection (d), the department is authorized directly to undertake and carry on general water and other development projects in respect to Hawaiian home lands and to undertake other activities having to do with the economic and social welfare of the homesteaders, including the authority to derive revenue from the sale, to others than homesteaders, of water and other products of such projects or activities, or from the enjoyment thereof by others than homesteaders, where such sale of products or enjoyment of projects or activities by others does not interfere with the proper performance of the duties of the department; provided that roads through or over Hawaiian home lands, other than federal-aid highways and roads, shall be maintained by the county in which the particular road or roads to be maintained are located.
The department shall comply with all statutes, ordinances, charter provisions, and rules of any government agency relating to special improvement district assessments or requirements; land use, zoning, and construction standards for subdivisions, development, and improvement of land; and the construction, improvement, and sale of homes thereon."
SECTION 2. Section 220.5, Hawaiian Homes Commission Act of 1920, is amended by amending subsection (a) to read as follows:
"(a) Notwithstanding any law to the
contrary, the department is authorized to enter into and carry out contracts to
develop available lands for homestead, commercial, and multipurpose projects[;
provided that the department shall not be subject to the requirements of
competitive bidding if no state funds are to be used in the development of the
project]."
PART II
AGRIBUSINESS DEVELOPMENT CORPORATION
SECTION 3. Section 163D-3, Hawaii Revised Statutes, is amended by amending subsections (d) and (e) to read as follows:
"(d) The board shall appoint an executive
director, who shall serve at the pleasure of the board [and shall be exempt
from chapter 76]. The salary of the executive director shall be set by the
board.
(e) The board, through its executive director,
may appoint officers, agents, and employees; prescribe their duties and
qualifications; and fix their salaries[, without regard to chapter 76]."
SECTION 4. Section 163D-6, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) If the corporation acquires the
assets of a private or other corporation, then[, notwithstanding any law to
the contrary]:
(1) [Neither the] The corporation [nor]
and any subsidiary corporation vested with the assets shall be subject
to chapter 91 with respect to the assets;
(2) Employees retained to operate the assets shall [not]
be subject to chapter 76;
(3) Assets constituting real property interest shall
[not] be subject to chapter 171;
(4) [No] An investment, loan, or use of
funds by the corporation or a subsidiary corporation vested with the assets
shall be subject to chapter 42F or 103; and
(5) [Neither the] The corporation [nor]
and a subsidiary corporation vested with the assets shall constitute a
public utility [or] and be subject to the jurisdiction of the
public utilities commission under chapter 269."
SECTION 5. Section 163D-18, Hawaii Revised Statutes, is repealed.
["[§163D-18] Exemption from
taxation. The corporation shall not be required to pay state taxes
of any kind."]
PART III
PUBLIC LAND DEVELOPMENT CORPORATION
SECTION 6. Section 171C-3, Hawaii Revised Statutes, is amended by amending subsections (c) and (d) to read as follows:
"(c) The board shall appoint an executive
director, who shall serve at the pleasure of the board [and shall be exempt
from chapter 76]. The salary of the executive director shall be set by the
board.
(d) The board, through its executive director,
may appoint officers, agents, and employees; prescribe their duties and
qualifications; and fix their salaries[, without regard to chapter 76]."
SECTION 7. Section 171C-17, Hawaii Revised Statutes, is amended by amending subsection (g) to read as follows:
"(g) [No] Any investment,
loan, grant, or use of corporate funds for the purposes of this chapter shall
be subject to chapter 42F."
SECTION 8. Section 171C-18, Hawaii Revised Statutes, is repealed.
["[§171C-18] Exemption from
taxation. The corporation shall not be required to pay state taxes
of any kind."]
SECTION 9. Section 171C-19, Hawaii Revised Statutes, is repealed.
["[§171C-19] Exemption from
requirements. Notwithstanding section 171-42 and except as
otherwise noted in this chapter, projects pursuant to this chapter shall be
exempt from all statutes, ordinances, charter provisions, and rules of any
government agency relating to special improvement district assessments or
requirements; land use, zoning, and construction standards for subdivisions,
development, and improvement of land; and the construction, improvement, and
sale of homes thereon; provided that the public land planning activities of the
corporation shall be coordinated with the county planning departments and the
county land use plans, policies, and ordinances."]
PART IV
HAWAII TOURISM AUTHORITY
SECTION 10. Section 40-6, Hawaii Revised Statutes, is amended to read as follows:
"§40-6 Approval of business and
accounting forms. The comptroller shall determine the forms required to
adequately supply accounting and statistical data for the state government.
The comptroller shall require heads of departments and establishments of the
state government to submit proposed new forms or proposed changes in current
business and accounting forms for review and approval before ordering the same
printed; except that the University of Hawaii until June 30, 2016, [the
Hawaii tourism authority,] and the department of education until June 30,
2011, shall be subject to this requirement only with respect to uniform
business and accounting forms of statewide use in the State's accounting
system. All standard state forms shall be classified, numbered, and
standardized in design, dimensions, color, and grade of paper and recorded in a
catalogue of accounting and statistical forms by the comptroller."
SECTION 11. Section 201B-2, Hawaii Revised Statutes, is amended by amending subsection (f) to read as follows:
"(f) The board shall appoint one person
to serve as president and chief executive officer[, exempt from chapters 76
and 88] who shall oversee the authority staff; provided that the
compensation package, including salary, shall not exceed nine per cent of the
five per cent authorized for administrative expenses under section 201B-11(c);
and provided further that the compensation package shall not include private
sector moneys or other contributions. The board shall set the president and
chief executive officer's duties, responsibilities, holidays, vacations,
leaves, hours of work, and working conditions. It may grant other benefits as
it deems necessary."
SECTION 12. Section 201B-2.5, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) The board may fix the compensation of the attorneys appointed or retained pursuant to this section. Attorneys appointed or retained by contract shall not be exempt from chapters 76, 78, and 88."
SECTION 13. Section 201B-5, Hawaii Revised Statutes, is repealed.
["§201B-5 Exemption of Hawaii
tourism authority from administrative supervision of boards and commissions.
Notwithstanding any law to the contrary, the authority shall be exempt from
section 26-35 with the exception of section 26-35(a)(2), (3), (7), (8) and
subsection (b)."]
SECTION 14. Section 201B-12, Hawaii Revised Statutes, is repealed.
["[§201B-12] Exemption of authority
from taxation and Hawaii public procurement code. (a) All revenues and
receipts derived by the authority from any project or a project agreement or
other agreement pertaining thereto shall be exempt from all state taxation.
Any right, title, and interest of the authority in any project shall also be
exempt from all state taxation. Except as otherwise provided by law, the
interest of a qualified person or other user of a project or a project
agreement or other agreements related to a project shall not be exempt from
taxation to a greater extent than it would be if the costs of the project were
directly financed by the qualified person or user.
(b) The authority shall not be subject to
chapter 103D and any and all other requirements of law for competitive bidding
for project agreements, construction contracts, lease and sublease agreements,
or other contracts unless a project agreement with respect to a project
otherwise shall require."]
PART V
HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION
SECTION 15. Section 201H-2, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) The corporation shall employ[,
exempt from chapter 76 and section 26-35(a)(4),] an executive director and
an executive assistant. The executive director shall be paid a salary not to
exceed eighty-five per cent of the salary of the director of human resources
development. The executive assistant shall be paid a salary not to exceed
ninety per cent of the executive director's salary. The corporation may
employ, subject to chapter 76, technical experts and officers, agents, and
employees, permanent and temporary, as required. The corporation may also
employ officers, agents, and employees, prescribe their duties and
qualifications, and fix their salaries[, not subject to chapter 76,]
when in the determination of the corporation, the services to be performed are
unique and essential to the execution of the functions of the corporation. The
corporation may call upon the attorney general for legal services as it may
require. The corporation may delegate to one or more of its agents or
employees its powers and duties as it deems proper."
SECTION 16. Section 201H-9, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) The corporation may own or hold real
property. All real property owned or held by the corporation shall be exempt
from mechanic's or materialman's liens and also from levy and sale by virtue of
an execution, and no execution or other judicial process shall issue against
the same nor shall any judgment against the corporation be a charge or lien
upon its real property; provided that this subsection shall not apply to or
limit the right of obligees to foreclose or otherwise enforce any mortgage of
the corporation or the right of obligees to pursue any remedies for the
enforcement of any pledge or lien given by the corporation on its rents, fees,
or revenues. [The corporation and its property shall be exempt from all
taxes and assessments.]"
SECTION 17. Section 201H-33, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) The corporation shall adopt, pursuant to chapter 91, rules on health, safety, building, planning, zoning, and land use that relate to the development, subdivision, and construction of dwelling units in housing projects in which the State, through the corporation, shall participate. The rules shall not contravene any safety standards or tariffs approved by the public utilities commission, and shall follow existing law as closely as is consistent with the production of lower cost housing with standards that meet minimum requirements of good design, pleasant amenities, health, safety, and coordinated development.
When adopted, the rules shall have the force
and effect of law [and shall supersede, for all housing projects in which
the State, through the corporation, shall participate, all other inconsistent
laws, ordinances, and rules relating to the use, zoning, planning, and
development of land, and the construction of dwelling units thereon. The
rules, before becoming effective, shall be presented to the legislative body of
each county in which they will be effective and the legislative body of any
county may within forty-five days approve or disapprove, for that county, any
or all of the rules by a majority vote of its members. On the forty-sixth day
after submission, any rules not disapproved shall be deemed to have been
approved by the county]."
SECTION 18. Section 201H-38, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation may develop
on behalf of the State or with an eligible developer, or may assist under a
government assistance program in the development of, housing projects that
shall be [exempt from] subject to all statutes, ordinances,
charter provisions, and rules of any government agency relating to planning,
zoning, construction standards for subdivisions, development and improvement of
land, and the construction of dwelling units thereon[; provided that:
(1) The corporation finds the housing
project is consistent with the purpose and intent of this chapter, and meets
minimum requirements of health and safety;
(2) The development of the proposed housing
project does not contravene any safety standards, tariffs, or rates and fees
approved by the public utilities commission for public utilities or of the
various boards of water supply authorized under chapter 54;
(3) The legislative body of the county in
which the housing project is to be situated shall have approved the project
with or without modifications:
(A) The legislative body shall
approve, approve with modification, or disapprove the project by resolution
within forty-five days after the corporation has submitted the preliminary
plans and specifications for the project to the legislative body. If on the
forty-sixth day a project is not disapproved, it shall be deemed approved by
the legislative body;
(B) No action shall be prosecuted or
maintained against any county, its officials, or employees on account of
actions taken by them in reviewing, approving, modifying, or disapproving the
plans and specifications; and
(C) The final plans and
specifications for the project shall be deemed approved by the legislative body
if the final plans and specifications do not substantially deviate from the
preliminary plans and specifications. The final plans and specifications for
the project shall constitute the zoning, building, construction, and
subdivision standards for that project. For purposes of sections 501-85 and
502-17, the executive director of the corporation or the responsible county
official may certify maps and plans of lands connected with the project as
having complied with applicable laws and ordinances relating to consolidation
and subdivision of lands, and the maps and plans shall be accepted for
registration or recordation by the land court and registrar; and
(4) The land use commission shall approve,
approve with modification, or disapprove a boundary change within forty-five
days after the corporation has submitted a petition to the commission as
provided in section 205-4. If, on the forty-sixth day, the petition is not
disapproved, it shall be deemed approved by the commission]."
SECTION 19. Section 201H-40, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) In selecting the eligible developers
or in contracting any services or materials for the purposes of this chapter,
the corporation shall [not] be subject to the competitive bidding
laws."
SECTION 20. Section 201H-41, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) The corporation may accept and
approve housing projects independently initiated by private developers that
fully comply with subsections (a) and (b). [The corporation may review the
plans, specifications, districting, and zoning of the project for the purpose
of exempting the project from all statutes, ordinances, charter provisions, and
rules of any government agency relating to zoning and construction standards
for subdivisions, development, and improvement of land and the construction,
improvement, and sale of dwelling units thereon; provided that the procedures
in section 201H-38(a)(1), (2), and (3) have been satisfied.]"
SECTION 21. Section 201H-79, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) The director of finance shall
approve those rates so as to produce up to, but not in excess of, the maximum
yield to the State or the corporation permitted under the Internal Revenue Code
of 1986, as amended, and the regulations of the Internal Revenue Service
promulgated pursuant thereto, on the assumption that the general obligation
bonds of the State, the proceeds of which have been or are to be used for the
purposes of making loans or purchasing mortgages under this chapter, would otherwise
be "arbitrage bonds" under the Internal Revenue Code of 1986, as
amended, and the regulations of the Internal Revenue Service promulgated
pursuant thereto, were the maximum yield to be exceeded. The establishment of
the rates of interest shall be [exempt from] subject to chapter
91."
SECTION 22. Section 201H-36, Hawaii Revised Statutes, is repealed.
["[§201H-36] Exemption from general
excise taxes. (a) In accordance with section 237-29, the
corporation may approve and certify for exemption from general excise taxes any
qualified person or firm involved with a newly constructed, or moderately or
substantially rehabilitated project:
(1) Developed under this part;
(2) Developed under a government assistance
program approved by the corporation, including but not limited to the United
States Department of Agriculture 502 program and Federal Housing Administration
235 program;
(3) Developed under the sponsorship of a
private nonprofit organization providing home rehabilitation or new homes for
qualified families in need of decent, low-cost housing; or
(4) Developed by a qualified person or firm
to provide affordable rental housing where at least fifty per cent of the
available units are for households with incomes at or below eighty per cent of
the area median family income as determined by the United States Department of
Housing and Urban Development, of which at least twenty per cent of the
available units are for households with incomes at or below sixty per cent of
the area median family income as determined by the United States Department of
Housing and Urban Development.
(b) All claims for exemption under this
section shall be filed with and certified by the corporation and forwarded to
the department of taxation. Any claim for exemption that is filed and
approved, shall not be considered a subsidy for the purpose of this part.
(c) For the purposes of this section:
"Moderate rehabilitation" means
rehabilitation to upgrade a dwelling unit to a decent, safe, and sanitary
condition, or to repair or replace major building systems or components in
danger of failure.
"Substantial rehabilitation":
(1) Means the improvement of a property to
a decent, safe, and sanitary condition that requires more than routine or minor
repairs or improvements. It may include but is not limited to the gutting and
extensive reconstruction of a dwelling unit, or cosmetic improvements coupled
with the curing of a substantial accumulation of deferred maintenance; and
(2) Includes renovation, alteration, or
remodeling to convert or adapt structurally sound property to the design and
condition required for a specific use, such as conversion of a hotel to housing
for elders.
(d) The corporation may establish, revise,
charge, and collect a reasonable service fee, as necessary, in connection with
its approvals and certifications under this section. The fees shall be
deposited into the dwelling unit revolving fund."]
SECTION 23. Section 201H-37, Hawaii Revised Statutes, is repealed.
["[§201H-37] Exemption from tax on
income and obligations. Income earned and obligations issued by a
nonprofit entity determined to constitute a "public housing agency"
pursuant to section 3(6) of the United States Housing Act of 1937, as amended,
and which income and obligations are declared by the United States Department
of Housing and Urban Development to be exempt from all taxation imposed by the
United States pursuant to section 11(b) of the Act, shall be exempt from all
taxation now or hereafter imposed by the State."]
PART VI
HAWAII COMMUNITY DEVELOPMENT AUTHORITY
SECTION 24. Section 206E-3, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) The authority shall appoint the
executive director who shall be the chief executive officer. The authority
shall set the salary of the executive director, who shall serve at the pleasure
of the authority [and shall be exempt from chapter 76]."
SECTION 25. Section 206E-4, Hawaii Revised Statutes, is amended to read as follows:
"§206E-4 Powers; generally. Except as otherwise limited by this chapter, the authority may:
(1) Sue and be sued;
(2) Have a seal and alter the same at pleasure;
(3) Make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this chapter;
(4) Make and alter bylaws for its organization and internal management;
(5) Make rules with respect to its projects, operations, properties, and facilities, which rules shall be in conformance with chapter 91;
(6) Through its executive director appoint officers,
agents, and employees, prescribe their duties and qualifications, and fix their
salaries[, without regard to chapter 76];
(7) Prepare or cause to be prepared a community development plan for all designated community development districts;
(8) Acquire, reacquire, or contract to acquire or reacquire by grant or purchase real, personal, or mixed property or any interest therein; to own, hold, clear, improve, and rehabilitate, and to sell, assign, exchange, transfer, convey, lease, or otherwise dispose of or encumber the same;
(9) Acquire or reacquire by condemnation real, personal, or mixed property or any interest therein for public facilities, including but not limited to streets, sidewalks, parks, schools, and other public improvements;
(10) By itself, or in partnership with qualified persons, acquire, reacquire, construct, reconstruct, rehabilitate, improve, alter, or repair or provide for the construction, reconstruction, improvement, alteration, or repair of any project; own, hold, sell, assign, transfer, convey, exchange, lease, or otherwise dispose of or encumber any project, and in the case of the sale of any project, accept a purchase money mortgage in connection therewith; and repurchase or otherwise acquire any project which the authority has theretofore sold or otherwise conveyed, transferred, or disposed of;
(11) Arrange or contract for the planning, replanning, opening, grading, or closing of streets, roads, roadways, alleys, or other places, or for the furnishing of facilities or for the acquisition of property or property rights or for the furnishing of property or services in connection with a project;
(12) Grant options to purchase any project or to renew any lease entered into by it in connection with any of its projects, on such terms and conditions as it deems advisable;
(13) Prepare or cause to be prepared plans, specifications, designs, and estimates of costs for the construction, reconstruction, rehabilitation, improvement, alteration, or repair of any project, and from time to time to modify such plans, specifications, designs, or estimates;
(14) Provide advisory, consultative, training, and educational services, technical assistance, and advice to any person, partnership, or corporation, either public or private, to carry out the purposes of this chapter, and engage the services of consultants on a contractual basis for rendering professional and technical assistance and advice;
(15) Procure insurance against any loss in connection with its property and other assets and operations in such amounts and from such insurers as it deems desirable;
(16) Contract for and accept gifts or grants in any form from any public agency or from any other source;
(17) Do any and all things necessary to carry out its purposes and exercise the powers given and granted in this chapter;
(18) Allow satisfaction of any affordable housing requirements imposed by the authority upon any proposed development project through the construction of reserved housing, as defined in section 206E-101, by a person on land located outside the geographic boundaries of the authority's jurisdiction; provided that the authority shall not permit any person to make cash payments in lieu of providing reserved housing, except to account for any fractional unit that results after calculating the percentage requirement against residential floor space or total number of units developed. The substituted housing shall be located on the same island as the development project and shall be substantially equal in value to the required reserved housing units that were to be developed on site. The authority shall establish the following priority in the development of reserved housing:
(A) Within the community development district;
(B) Within areas immediately surrounding the community development district;
(C) Areas within the central urban core;
(D) In outlying areas within the same island as the development project.
The Hawaii community development authority shall adopt rules relating to the approval of reserved housing that are developed outside of a community development district. The rules shall include, but are not limited to, the establishment of guidelines to ensure compliance with the above priorities; and
(19) Assist the public land development corporation established by section 171C-3 in identifying public lands that may be suitable for development, carrying on marketing analysis to determine the best revenue-generating programs for the public lands identified, entering into public-private agreements to appropriately develop the public lands identified, and providing the leadership for the development, financing, improvement, or enhancement of the selected development opportunities; provided that no assistance shall be provided unless the authority authorizes the assistance."
SECTION 26. Section 206E-7, Hawaii Revised Statutes, is amended to read as follows:
"[[]§206E-7[]] Community
development rules. The authority shall establish community development
rules under chapter 91 on health, safety, building, planning, zoning, and land
use [which, upon final adoption of a community development plan, shall
supersede all other inconsistent ordinances and rules relating to the use,
zoning, planning, and development of land and construction thereon]. Rules
adopted under this section shall follow existing law, rules, ordinances, and
regulations as closely as is consistent with standards meeting minimum
requirements of good design, pleasant amenities, health, safety, and
coordinated development. The authority may, in the community development plan
or by a community development rule, provide that lands within a community
development district shall not be developed beyond existing uses or that
improvements thereon shall not be demolished or substantially reconstructed, or
provide other restrictions on the use of the lands."
SECTION 27. Section 206E-16.5, Hawaii Revised Statutes, is repealed.
["[§206E-16.5] Expenditures of
revolving funds under the authority exempt from appropriation and allotment. Except
as to administrative expenditures, and except as otherwise provided by law,
expenditures from any revolving fund administered by the authority may be made
by the authority without appropriation or allotment of the legislature;
provided that no expenditure shall be made from and no obligation shall be
incurred against any revolving fund in excess of the amount standing to the
credit of the fund or for any purpose for which the fund may not lawfully be
expended. Nothing in sections 37-31 to 37-41 shall require the proceeds of any
revolving fund administered by the authority to be reappropriated annually."]
SECTION 28. Section 206E-17, Hawaii Revised Statutes, is repealed.
["[§206E-17] Exemption from
taxation. The authority shall not be required to pay assessments
levied by any county, nor shall the authority be required to pay state taxes of
any kind."]
PART VII
ALOHA TOWER DEVELOPMENT CORPORATION
SECTION 29. Section 206J-4, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:
"(d) The board shall appoint a chief
executive officer. The board shall set the salary of the executive officer,
who shall serve at the pleasure of the board [and shall be exempt from
chapter 76]."
SECTION 30. Section 206J-5, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The development corporation shall have all the powers necessary to carry out its purposes, including the following powers:
(1) To sue and be sued;
(2) To have a seal and alter the same at its pleasure;
(3) To make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this chapter;
(4) To make and alter bylaws for its organization and internal management;
(5) To adopt rules under chapter 91 necessary to effectuate this chapter in connection with its projects, operations, properties, and facilities;
(6) Through its chief executive officer, to appoint
officers, agents, and employees, prescribe their duties and qualifications, and
fix their salaries, consistent with chapter 76; its chief executive officer may
also appoint officers, agents, and employees, prescribe their duties and
qualifications, and fix their salaries[, without regard to chapter 76];
(7) To prepare or cause to be prepared a development plan for the Aloha Tower complex, incorporating the needs of the department of transportation and accommodating the plans, specifications, designs, or estimates of any project acceptable to the development corporation;
(8) To own, lease, hold, clear, improve, and rehabilitate real, personal, or mixed property and to assign, exchange, transfer, convey, lease, sublease, or encumber any project or improvement, including easements, constituting part of a project within the Aloha Tower complex, except that required for necessary maritime purposes, including leases or other agreements for the rehabilitation, repair, maintenance, and operation of the Aloha Tower;
(9) By itself, or in conjunction with qualified persons, to develop, construct, reconstruct, rehabilitate, improve, alter, or repair or provide for the development, construction, reconstruction, rehabilitation, improvement, alteration, or repair of any project, including projects or any portion thereof under the control or jurisdiction of qualified persons; to own, hold, assign, transfer, convey, exchange, lease, sublease, or encumber any project, including projects or any portion thereof under the control or jurisdiction of qualified persons;
(10) Notwithstanding any other provision of law to the contrary, to arrange or initiate appropriate action for the planning, replanning, opening, grading, relocating, or closing of streets, roads, roadways, alleys, easements, piers, or other places, the furnishing of facilities, the acquisition of property or property rights, or the furnishing of property, development rights, or services in connection with a project;
(11) To grant options or renew any lease entered into by it in connection with any project, on terms and conditions as it deems advisable;
(12) To prepare or cause to be prepared plans, specifications, designs, and estimates of project cost for the development, construction, reconstruction, rehabilitation, improvement, alteration, or repair of any project, and from time to time to modify such plans, specifications, designs, or estimates;
(13) To provide advisory, consultative, training, and educational services, technical assistance, and advice to any person, partnership, or corporation, either public or private, in order to carry out the purposes of this chapter, and engage the services of consultants on a contractual basis for rendering professional and technical assistance and advice;
(14) To procure insurance against any loss in connection with its property and other assets and operations in such amounts and from such insurers as it deems desirable;
(15) To contract for and accept gifts or grants in any form from any public agency or from any other source;
(16) To pledge or assign all or any part of the moneys, rents, charges, or other revenues and any proceeds derived by the development corporation from proceeds of insurance or condemnation awards, less guarantees to the harbor special fund for the loss of revenues or incurrence of costs and expenses because of any action taken by the development corporation; and
(17) To issue bonds of the development corporation for the purpose of providing funds for any of its corporate purposes."
SECTION 31. Section 206J-7, Hawaii Revised Statutes, is amended to read as follows:
"§206J-7 Development rules. The
development corporation shall adopt rules under chapter 91 to be followed
during the course of the development of the Aloha Tower complex, which are to
be known as development rules in connection with health, safety, building,
planning, zoning, and land use[, which, upon final adoption of a development
plan for the Aloha Tower complex, shall supersede all other inconsistent
ordinances and rules relating to the use, zoning, planning, and development of land
and construction thereon within the Aloha Tower complex]. Rules adopted
under this section shall be adopted under chapter 91 and shall follow existing
law, rules, ordinances, and regulations as closely as is consistent with
standards meeting minimum requirements of good design, pleasant amenities,
health, safety, and coordinated development. The rules shall also insure that
necessary maritime activities are not impaired."
SECTION 32. Section 206J-21, Hawaii Revised Statutes, is amended to read as follows:
"§206J-21 Construction of this
chapter. The powers conferred by this chapter shall be in addition and
supplemental to the powers conferred by any other law. [Insofar as the
provisions of this chapter are inconsistent with the provisions of any other
law, this chapter shall be controlling.]"
SECTION 33. Section 206J-16, Hawaii Revised Statutes, is repealed.
["§206J-16 Exemption from taxation
of development corporation. All revenues derived by the development
corporation from any project or under a lease or other agreement pertaining
thereto shall be exempt from all state and county taxation. Any right, title,
and interest of the development corporation in any project shall also be exempt
from all state and county taxation. Except as otherwise provided by law, the
interest of a qualified person or other user of a project under a lease or
other agreements related to a project shall not be exempt from taxation to a
greater extent than it would be if the costs of the project were directly financed
by the qualified person or other user."]
PART VIII
HIGH TECHNOLOGY DEVELOPMENT CORPORATION
SECTION 34. Section 206M-2, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:
"(d) The board shall appoint a chief
executive officer, who shall serve at the pleasure of the board [and shall
be exempt from chapter 76]. The board shall set the salary and duties of
the executive officer."
SECTION 35. Section 206M-2.5, Hawaii Revised Statutes, is amended to read as follows:
"§206M-2.5 Meetings of the board. (a) The meetings of the board shall be open to the public as provided in section 92-3, except that when it is necessary for the board to receive information that is proprietary to a particular enterprise that seeks entry into or use of one of its facilities or the disclosure of which might be harmful to the business interests of the enterprise, the board may enter into an executive meeting that is closed to the public.
(b) The board shall be subject to the procedural requirements of section 92-4, and this authorization shall be an addition to the exceptions listed in section 92-5, to enable the development corporation to respect the proprietary requirements of enterprises with which it has business dealings.
[(c) The board shall be exempt from section
26-35(a)(4) and (5).]"
SECTION 36. Section 206M-3, Hawaii Revised Statutes, is amended to read as follows:
"§206M-3 Powers, generally.
[(a)] The development corporation shall have all the powers necessary
to carry out its purposes, including the powers to:
(1) Sue and be sued;
(2) Have a seal and alter the same at its pleasure;
(3) Make and execute, enter into, amend, supplement, and carry out contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this chapter, including, with the approval of the governor, a project agreement, or an amendment or supplement to an existing project agreement, with a qualified person, and to enter into and carry out any agreement whereby the obligations of a qualified person under a project agreement shall be unconditionally guaranteed or insured by, or the performance thereof assigned to, or guaranteed or insured by, a person or persons other than the qualified person; and extend or renew any project agreement or any other agreement related thereto; provided that any such renewal or extension shall be subject to the approval of the governor unless made in accordance with provisions for the extension or renewal contained in a project agreement or related agreement theretofore approved by the governor;
(4) Make and alter bylaws for its organization and internal management;
(5) Adopt rules under chapter 91 necessary to effectuate this chapter in connection with industrial parks, projects, multi-project programs, and the operations, properties, and facilities of the development corporation;
(6) Through its chief executive officer, appoint
officers, agents, and employees, prescribe their duties and qualifications, and
fix their salaries[, without regard to chapter 76];
(7) Prepare or cause to be prepared development plans for industrial parks;
(8) Acquire, own, lease, hold, clear, improve, and rehabilitate real, personal, or mixed property and assign, exchange, transfer, convey, lease, sublease, or encumber any project, including by way of easements;
(9) Acquire, construct, improve, install, equip, or develop or provide for the acquisition, construction, improvement, installation, equipping, or development of any project and designate a qualified person as its agent for such purpose;
(10) Own, hold, assign, transfer, convey, exchange, lease, sublease, or encumber any project;
(11) Arrange or initiate appropriate action for the planning, replanning, opening, grading, or closing of streets, roads, roadways, alleys, easements, or other places, the furnishing of improvements, the acquisition of property or property rights, or the furnishing of property or services in connection with an industrial park or project;
(12) Prepare, or cause to be prepared, plans, specifications, designs, and estimates of cost for the acquisition, construction, reconstruction, improvement, installation, equipping, development, or maintenance of any project or industrial park, and from time to time modify the plans, specifications, designs, or estimates;
(13) Engage the services of consultants on a contractual basis for rendering professional and technical assistance and advice;
(14) Procure insurance against any loss in connection with its property and other assets and operations in amounts and from insurers as it deems desirable;
(15) Accept and expend gifts or grants in any form from any public agency or from any other source;
(16) Issue special purpose revenue bonds and refunding special purpose revenue bonds pursuant to and in accordance with this chapter in principal amounts as may be authorized from time to time by law to finance or refinance the cost of a project, singly or as part of a multi-project program, or an industrial park as authorized by law and provide for the security thereof as permitted by this chapter;
(17) Lend or otherwise apply the proceeds of the bonds issued for a project or an industrial park either directly or through a trustee to a qualified person for use and application by the qualified person in the acquisition, construction, improvement, installation, equipping, or development of a project or industrial park, or agree with the qualified person whereby any of these activities shall be undertaken or supervised by that qualified person or by a person designated by the qualified person;
(18) As security for the payment of the principal of, premium, if any, and interest of the special purpose revenue bonds issued for a project to:
(A) Pledge, assign, hypothecate, or otherwise encumber all or any part of the revenues and receipts derived or to be derived by the development corporation under the project agreement for the project for which the bonds are issued;
(B) Pledge and assign the interest and rights of the development corporation under the project agreement or other agreement with respect to the project or the special purpose revenue bonds;
(C) Pledge and assign any bond, debenture, note, or other evidence of indebtedness received by the development corporation with respect to the project; or
(D) Any combination of the foregoing;
(19) With or without terminating a project agreement, exercise any and all rights provided by law for entry and reentry upon or take possession of a project at any time or from time to time upon breach or default by a qualified person under a project agreement, including any action at law or in equity for the purpose of effecting its rights of entry or reentry or obtaining possession of the project or for the payments of rentals, user taxes, or charges, or any other sum due and payable by the qualified person to the development corporation pursuant to the project agreement;
(20) Enter into arrangements with qualified county development entities whereby the board would provide financial support to qualified projects proposed;
(21) Create an environment in which to support high technology economic development, including but not limited to:
(A) Supporting all aspects of technology-based economic development;
(B) Developing instructive programs, identifying issues and impediments to the growth of high technology industry in Hawaii; and
(C) Providing policy analysis and information important to the development of high technology industries in Hawaii;
(22) Develop programs that support start-up and existing high technology companies in Hawaii and attract new companies to relocate to or establish operations in Hawaii by assessing the needs of these companies and providing the physical and technical infrastructure to support their operations;
(23) Coordinate its efforts with other public and private agencies involved in stimulating technology-based economic development in Hawaii, including but not limited to:
(A) The department of business, economic development, and tourism;
(B) The Pacific international center for high technology research; and
(C) The office of technology transfer and economic development of the University of Hawaii;
(24) Promote and market Hawaii as a site for commercial high technology activity, including the expenditure of funds for protocol purposes at the discretion of the board;
(25) Provide advice on policy and planning for technology-based economic development;
(26) Finance, conduct, or cooperate in financing or conducting technological, business, financial, or other investigations that are related to or likely to lead to business, technology, and economic development by making and entering into contracts and other appropriate arrangements, including the provision of loans, start-up and expansion capital, loan guaranty, loans convertible to equity, equity charged and received by the corporation, and other forms of assistance;
(27) Solicit, study, and assist in the preparation of business plans and proposals of new or established businesses;
(28) Provide advice, technical and marketing assistance, support, and promotion to enterprises in which investments have been made;
(29) Acquire, hold, and sell qualified securities;
(30) Consent, subject to the provisions of any contract with noteholders or bondholders, whenever the corporation deems it necessary or desirable in the fulfillment of the purposes of this chapter, to the modification, with respect to rate of interest, time of payment of any installment of principal or interest, or any other terms, of any contract or agreement of any kind to which the corporation is a party;
(31) Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries in the State; and
(32) Do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this chapter.
[(b) The corporation shall be exempt from
chapter 102.]"
SECTION 37. Section 206M-5, Hawaii Revised Statutes, is amended to read as follows:
"§206M-5 Development rules.
Whenever the proceeds of special purpose revenue bonds are used to finance the
cost of an industrial park, the board shall adopt rules under chapter 91 to be
followed during the course of the development of any industrial park, which are
to be known as development rules in connection with health, safety, building,
planning, zoning, and land use. [The rules, upon final adoption of a
development plan for an industrial park, shall supersede all other inconsistent
ordinances and rules relating to the use, zoning, planning, and development of
land and construction thereon within the industrial park.] Rules adopted
under this section shall follow existing law, rules, ordinances, and
regulations as closely as is consistent with standards meeting minimum
requirements of good design, pleasant amenities, health, safety, and
coordinated development. The corporation shall establish policies and
procedures for monitoring and ensuring that the operation of the industrial
park complies with these development rules and may establish fines and
penalties or take any other means available under the law to eliminate any
noncomplying action."
SECTION 38. Section 206M-20, Hawaii Revised Statutes, is amended to read as follows:
"[[]§206M-20[]]
Construction of this chapter. The powers conferred by this chapter shall
be in addition and supplemental to other powers conferred by any other law.
This chapter shall constitute and be enabling legislation for the development
corporation, as an agency and instrumentality of the State, to issue special
purpose revenue bonds in accordance with the provisions of the Constitution of
the State of Hawaii and this chapter. [Insofar as the provisions of this
chapter are inconsistent with the provisions of any other law, this chapter
shall be controlling.]"
SECTION 39. Section 206M-16, Hawaii Revised Statutes, is repealed.
["§206M-16 Exemption of development
corporation from taxation and competitive bidding. (a) All revenues
and receipts derived by the development corporation from any project or
industrial park or under a project agreement or other agreement pertaining
thereto shall be exempt from all state and county taxation. Any right, title,
and interest of the development corporation in any project or industrial park
shall also be exempt from all state and county taxation. Except as otherwise
provided by law, the interest of a qualified person or other user of a project
or industrial park under a project agreement or other agreements related to a project
or industrial park shall not be exempt from taxation to a greater extent than
it would be if the costs of the project or industrial park were directly
financed by the qualified person or user.
(b) The development corporation shall not
be subject to any requirement of law for competitive bidding for project
agreements, construction contracts, lease and sublease agreements, or other
contracts unless a project agreement with respect to a project or industrial
park shall so require."]
SECTION 40. Section 206M-54, Hawaii Revised Statutes, is repealed.
["§206M-54 Innovation corporation;
exempted from certain state laws. The high technology innovation
corporation shall be exempt from the following state laws:
(1) Section 78-1, relating to public employment;
(2) Chapter 36, relating to the management
of state funds;
(3) Chapter 38, relating to deposits of
public funds; and
(4) Chapter 76, relating to civil service."]
PART IX
HAWAII STRATEGIC DEVELOPMENT CORPORATION
SECTION 41. Section 211F-3, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:
"(d) The board shall appoint a president
of the corporation who shall serve at the pleasure of the board [and shall
be exempt from chapter 76]. The board shall set the salary and duties of
the president."
SECTION 42. Section 211F-4, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation shall have all of the powers necessary to carry out its purposes which shall include but not be limited to the power to:
(1) Adopt rules pursuant to chapter 91 to carry out the purposes of this chapter;
(2) Adopt an official seal;
(3) Sue and be sued, in its own name;
(4) Finance, conduct, or cooperate in financing or conducting technological, business, financial, or other investigations that are related to or likely to lead to business and economic development by making and entering into contracts and other appropriate arrangements, including the provision of loans, start-up and expansion capital, and other forms of assistance;
(5) Solicit, study, and assist in the preparation of business plans and proposals;
(6) Provide advice and technical and marketing assistance, support, and promotion to enterprises in which investments have been made;
(7) Coordinate the corporation's programs with any education and training program;
(8) Carry out specialized programs designed to encourage the development of new products, businesses, and markets;
(9) Prepare, publish, and distribute such technical studies, reports, bulletins, and other materials as it deems appropriate, subject only to the maintenance and respect for confidentiality of client proprietary information;
(10) Organize, conduct, sponsor, or cooperate in and assist in the conduct of conferences, demonstrations, and studies relating to the stimulation and formation of businesses and to fulfilling the objectives and purposes of chapter 211G;
(11) Provide and pay for such advisory services and technical, managerial, and marketing assistance, support, and promotion as may be necessary or desirable to carry out the purposes of this chapter;
(12) Acquire, hold, and sell qualified securities;
(13) Consent, subject to the provisions of any contract with noteholders or bondholders, whenever the corporation deems it necessary or desirable in the fulfillment of the purposes of this chapter, to the modification, with respect to rate of interest, time of payment of any installment of principal or interest, or any other terms, of any contract or agreement of any kind to which the corporation is a party;
(14) Accept donations, grants, bequests, and devises of money, property, service, or other things of value that may be received from the United States or any agency thereof, any governmental agency, or any public or private institution, person, firm, or corporation, to be held, used, or applied for any or all of the purposes specified in this chapter. Receipt of each donation or grant shall be detailed in the annual report of the corporation. The report shall include the identity of the donor or lender, the nature of the transaction, and any conditions attaching thereto;
(15) Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries in the State;
(16) Acquire real property, or an interest therein, by purchase or foreclosure, where that acquisition is necessary or appropriate to protect or secure any investment or loan in which the corporation has an interest; sell, transfer, and convey the property to a buyer and if the sale, transfer, or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease the property to a tenant;
(17) Acquire, own, hold, dispose of, and encumber personal property of any nature, or any interest therein;
(18) Enter into agreements or other transactions with any federal, state, or county agency;
(19) Make contracts and execute all instruments necessary or convenient for the carrying on of its business;
(20) Appear in its own behalf before state, county, or federal agencies;
(21) Procure insurance as may be necessary;
(22) Appoint officers, employees, consultants, agents,
and advisors [who shall not be subject to chapter 76,] and prescribe
their duties and fix compensation within the limitations provided by law;
(23) Appoint advisory committees as deemed necessary; and
(24) Exercise any other powers of a corporation organized under the laws of the State."
SECTION 43. Section 211F-7, Hawaii Revised Statutes, is amended by amending subsection (e) to read as follows:
"(e) Investments by the corporation to
persons shall be made on the basis of solicitation and a competitive technical
review process, subject to the availability of funds allocated to the
corporation for making investments. Investments by the corporation shall [not]
be subject to chapter 42F. Any organization applying for an investment shall
meet the following standards:
(1) Have bylaws or policies that describe the manner in which business is conducted and policies relating to nepotism and management of potential conflict of interest situations;
(2) Be licensed and accredited, as applicable, in accordance with the requirements of federal, state, and county governments;
(3) Comply with applicable federal and state laws prohibiting discrimination against any person on the basis of race, color, national origin, religion, creed, sex, age, or physical handicap; and
(4) Comply with other requirements as the board may prescribe."
PART X
NATURAL ENERGY LABORATORY OF HAWAII AUTHORITY
SECTION 44. Section 227D-1.5, Hawaii Revised Statutes, is amended to read as follows:
"[[]§227D-1.5 Authority as
public utility.[]] (a) The authority shall be [exempt from]
subject to the definition of "public utility" under section
269-1 and shall be [exempt from] subject to regulation by the
public utilities commission for the sale or provision of electricity generated
by the authority using renewable energy as its source in facilities located at
the authority's research and technology park[; provided that all sales or
provisions of electricity are made directly to a user located adjacent to the
authority's research and technology park on lands leased by the user from the
State; and provided further that connection to the electrical grid shall not be
required to provide any electricity to any user].
(b) [If the sale or provision of any
electricity generated by the authority requires connection to the electrical
grid to transmit electricity to any user, then the authority shall be deemed to
be a public utility as defined in section 269-1 and shall be subject to
regulation by the public utilities commission.] If the sale or provision
of any electricity generated by the authority requires connection to the
electrical grid, the authority shall be subject to any interconnection
agreement or other agreement required by an electric utility or by the public
utilities commission.
As used in this section, "renewable energy" shall have the same meaning as in section 269-91."
SECTION 45. Section 227D-7, Hawaii Revised Statutes, is repealed.
["§227D-7 Exemption of authority
from taxation and competitive bidding. (a) All revenues and
receipts derived by the authority from any project or research and technology
park or under a project agreement or other agreement pertaining thereto shall
be exempt from all state taxation. Any right, title, and interest of the
authority in any project or research and technology park shall also be exempt
from all state taxation. Except as otherwise provided by law, the interest of
a qualified person or other user of a project or research and technology park
under a project agreement or other agreements related to a project or research
and technology park shall not be exempt from taxation to a greater extent than
it would be if the costs of the project or research and technology park were
directly financed by the qualified person or user.
(b) The authority shall not be subject to
the requirements of chapter 103 for project agreements, construction contracts,
retail concession or tour-related contracts, or other contracts unless a
project agreement with respect to a project or research and technology park
shall require otherwise."]
PART XI
RESEARCH CORPORATION OF THE UNIVERSITY OF HAWAII
SECTION 46. Section 304A-3005, Hawaii Revised Statutes, is repealed.
["[§304A-3005] Research
corporation excepted from certain state laws. To carry out the
purposes and objectives of the research corporation, including the conduct of
research and training projects, the research corporation shall be granted
flexibility in hiring its personnel and in handling and disbursing moneys by
being excepted from the following state laws:
(1) Sections 36-27 and 36-30, relating to
special fund reimbursements to the state general fund;
(2) Chapter 103D, relating to advertising
for bids and purchases to be made in Hawaii whenever public moneys are
expended;
(3) Chapter 76, relating to civil service;
and
(4) Section 78-1, relating to public
employment."]
PART XII
HAWAII PUBLIC HOUSING AUTHORITY
SECTION 47. Section 356D-2, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) The authority shall employ[,
exempt from chapter 76 and section 26-35(a)(4),] an executive director and
an executive assistant. The executive director shall be paid a salary not to
exceed eighty-five per cent of the salary of the director of human resources
development. The executive assistant shall be paid a salary not to exceed
ninety per cent of the executive director's salary. The authority may employ,
subject to chapter 76, technical experts and officers, agents, and employees,
permanent or temporary, as required. The authority may also employ officers,
agents, and employees; prescribe their duties and qualifications; and fix their
salaries[, not subject to chapter 76,] when in the determination of the
authority, the services to be performed are unique and essential to the
execution of the functions of the authority[; provided that if the authority
hires an officer, agent, or employee in a capacity not subject to chapter 76,
the authority shall include in an annual report to the legislature, to be
submitted not later than twenty days prior to the convening of each regular
session, the position descriptions and reasons for hiring the personnel in a
civil service exempt capacity]. The authority may call upon the attorney
general for legal services as it may require. The authority may delegate to
one or more of its agents or employees the powers and duties it deems
proper."
SECTION 48. Section 356D-9, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) For the purpose of aiding and cooperating in the planning, construction, and operation of public housing projects located within their respective territorial boundaries, the state or county government, upon those terms, with or without consideration, as it determines, may:
(1) Dedicate, grant, sell, convey, or lease any of its property, or grant easements, licenses, or any other rights or privileges therein to the authority or to the federal government;
(2) To the extent that it is within the scope of each of their respective functions:
(A) Cause the services customarily provided by each of them to be rendered for the benefit of public housing projects and the occupants thereof;
(B) Provide and maintain parks; and sewage, water, lights, and other facilities adjacent to or in connection with public housing projects;
(C) Open, close, pave, install, or change the grade of streets, roads, roadways, alleys, sidewalks, or other related facilities; and
(D) Change the map of a political subdivision or plan, replan, zone, or rezone any part of a political subdivision;
(3) Enter into agreements with the authority with respect to the exercise of the State or county's powers relating to the repair, closing, or demolition of unsafe, unsanitary, or unfit dwellings;
(4) Employ, notwithstanding any other law as to what constitutes legal investments, any available funds belonging to them or within their control, including funds derived from the sale or furnishing of property or facilities to the authority, in the purchase of the bonds or other obligations of the authority, and exercise all the rights of any holder of the bonds or other obligations;
(5) Do any and all things necessary or convenient to aid and cooperate in the planning, undertaking, and construction of public housing projects; and
(6) Enter into contracts with the authority or the federal government for any period agreeing to exercise any of the powers conferred by this subsection or to take any other action in aid of public housing projects.
In connection with the exercise of the powers conferred by this subsection, any political subdivision may incur the entire expense of any public improvements located within its territorial boundaries without assessment against abutting property owners.
For the purpose of aiding and cooperating in the planning, construction, and operation of public housing projects, the department of land and natural resources, the Hawaiian homes commission, and any other agency of the State having power to manage or dispose of its public lands, with the approval of the governor and with or without consideration, may grant, sell, convey, or lease for any period, any parts of such public lands, without limit as to area, to the authority or to the federal government.
Any law to the contrary notwithstanding, any gift, grant, sale, conveyance, lease, or agreement provided for in this section may be made by the state or county government without appraisal, public notice, advertisement, or public bidding.
If at any time title to, or possession of, any public housing project is held by any government authorized by law to engage in the development or administration of low-income housing or slum clearance projects, any agreement made under this section relating to the project shall inure to the benefit of and may be enforced by that government.
[Insofar as this subsection is inconsistent
with the provisions of any other law, this subsection shall control.]"
SECTION 49. Section 356D-27, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) The director of finance shall
approve those rates so as to produce up to, but not in excess of, the maximum
yield to the State or the authority permitted under the Internal Revenue Code
of 1986, as amended, and the regulations of the Internal Revenue Service
adopted pursuant thereto, on the assumption that the general obligation bonds
of the State, the proceeds of which have been or are to be used for the
purposes of making loans or purchasing mortgages under this chapter, would
otherwise be "arbitrage bonds" under the Internal Revenue Code of
1986, as amended, and the regulations of the Internal Revenue Service adopted
pursuant thereto, were the maximum yield to be exceeded. [The establishment
of the rates of interest shall be exempt from chapter 91.]"
PART XIII
SECTION 50. Chapter 171C, Hawaii Revised Statutes, is repealed.
PART XIV
SECTION 51. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 52. This Act shall take effect upon its approval; provided that:
(1) Section 50 of this Act shall take effect on January 1, 2035; and
(2) The amendments made to sections 40-6 and 201B-2, Hawaii Revised Statutes, shall not be repealed when those sections are reenacted on June 30, 2015, by Act 102, Session Laws of Hawaii 2010.
Report Title:
Exemptions; DHHL; PLDC; ADC; HTA; HHFDC; HCDA; ATDC; HTDC; HSDC; NELHA; HPHA; RCUH
Description:
Repeals exemptions of certain state entities. Repeals chapter 171C, HRS, on January 1, 2035. (Proposed SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
