Hawaii Senate Bill SB1456

Hawaii 2024 Regular Session

• Introduced: 1/25/23
• Refer: 1/30/23
• Report Pass: 2/10/23
• Report Pass: 2/21/23
• Refer: 2/10/23
• Engrossed: 3/2/23
• Refer: 3/9/23

Caption

Relating To The Issuance Of Special Purpose Revenue Bonds To Honokaa Land Company, Llc.

Impact

The implementation of SB1456 is aimed at boosting agricultural growth and sustainability in Hawaii by financially supporting projects vital to the local economy and food security. The funding provided through the special purpose revenue bonds will also enable Honokaa Land Company to align its projects with green energy initiatives, fostering environmentally friendly practices that benefit both the agricultural sector and the state’s commitment to sustainability.

Summary

SB1456 is a legislative bill that authorizes the issuance of special purpose revenue bonds to assist Honokaa Land Company, LLC in various agricultural development projects within the state of Hawaii. The total amount authorized for these bonds is up to $100 million, which will be utilized for acquiring, developing, and renovating facilities designed to enhance agricultural operations. This includes rebuilding structures for an earth products business, acquiring a research and development farm, and establishing organic dairies, along with promoting renewable energy initiatives and constructing employee housing.

Contention

One of the notable aspects of this bill is the long timeline for its authorization to take effect, which is set for July 1, 2050. This delayed enactment has raised some discussions about its immediate relevance and the conditions under which the funding will be available. Additionally, while the bill emphasizes investment in agriculture and renewable energy, some stakeholders may still express concerns regarding the precise allocation of funds and the long-term oversight of such extensive financial support to a single entity, considering the various needs of other sectors within the community.