| 47 | | - | 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 X, 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 Honokaa Land Company, LLC, a Hawaii domestic limited liability company, with acquiring, developing, and renovating various facilities. The work will include rebuilding structures for a soil and earth products business based at the Haina Mill; purchasing an agriculture consulting and research and development firm and farm to serve as a research and development facility; acquiring or building organic dairies; promoting green and renewable energy initiatives; and developing affiliated agricultural employee housing. The legislature hereby finds and determines that the foregoing agricultural development and facilities renovations constitute a project as defined in part X, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an agricultural enterprise. SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part X, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist agricultural enterprises. SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2028, 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 authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2028. SECTION 6. This Act shall take effect on July 1, 2050. |
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| 47 | + | 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 X, 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 Honokaa Land Company, LLC, a Hawaii domestic limited liability company, with acquiring, developing, and renovating various facilities. The work will include rebuilding structures for a soil and earth products business based at the Haina Mill; purchase of an agriculture consulting and research and development firm and farm to serve as a research and development facility; acquiring or building organic dairies; green and renewable energy initiatives; and developing affiliated agricultural employee housing. The legislature hereby finds and determines that the agricultural development and facilities renovations constitute a project as defined in part X, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an agricultural enterprise. SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part X, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist agricultural enterprises. SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2028, 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 authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2028. SECTION 6. This Act shall take effect on July 1, 2023. INTRODUCED BY: _____________________________ |
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