| 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 Kohala Mountain Fish Company, LLC, a Hawaii domestic limited liability corporation, in establishing The Village project, a diversified agricultural park and processing facility on the island of Hawaii that will produce, package, cook, and freeze products year around for both local consumption and value-added export. The Village project will also train, supervise, and support families who show an interest in increasing their current farming operations, and will create more jobs and work force housing. The legislature hereby finds and determines that The Village project constitutes 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 Kohala Mountain Fish Company, LLC, a Hawaii domestic limited liability corporation, for the establishment of The Village project, a diversified agricultural park and processing facility on Hawaii island to produce, package, cook, and freeze products year around for both local consumption and value added export. The Village project will train, supervise, and support new families who show an interest in increasing their current faming operative and create more jobs and work force housing. The legislature hereby finds and determines that The Village project constitutes 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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