Bill Text: HI SB757 | 2022 | Regular Session | Amended
Bill Title: Relating To Special Purpose Revenue Bonds To Assist Le Jardin Academy, Inc.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2021-12-10 - Carried over to 2022 Regular Session. [SB757 Detail]
Download: Hawaii-2022-SB757-Amended.html
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THE SENATE |
S.B. NO. |
757 |
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THIRTY-FIRST LEGISLATURE, 2021 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST LE JARDIN ACADEMY, INC.
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 Le Jardin Academy, Inc., a Hawaii nonprofit corporation, in financing or refinancing the costs of planning, designing, constructing, reconstructing, renovating, acquiring, equipping, and improving educational and education-related facilities for Le Jardin Academy, Inc. The legislature hereby finds and determines that the planning, designing, constructing, reconstructing, renovating, acquiring, equipping, and improving of educational facilities constitutes a project under part VIII, chapter 39A, Hawaii Revised Statutes, and the financing or refinancing thereof is assistance to a not-for-profit private sectarian elementary and secondary school 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 sectarian elementary schools and secondary schools that serve 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 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 the special purpose revenue bonds.
SECTION 5. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2026, 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. 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 section 2 of this Act shall lapse on June 30, 2026.
SECTION 7. This Act shall take effect on July 1, 2050.
Report Title:
Special Purpose Revenue Bonds; Le Jardin Academy
Description:
Authorizes the issuance of up to $25,000,000 in special purpose revenue bonds to assist Le Jardin Academy. Effective 7/1/2050. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
