Hawaii-2015-HB1323-Introduced

SECTION 1. In 1990, Congress created the Immigration Act of 1990, which included a fifth employment-based category ("EB‑5") for immigrants seeking to enter the United States to engage in a commercial enterprise that will benefit the United States economy and directly create at least ten full-time jobs. The minimum qualifying investment amount is $500,000 for commercial enterprises located within a rural area or targeted employment area, and is otherwise $1,000,000. As Hawaii's economy continues to rebound, foreign investors have renewed their interest in investing in Hawaii. In particular, investors from Asia find Hawaii's culture, climate, and quality of life very desirable and are eager to become EB-5 investors.

The legislature finds that there continues to be a desideratum to diversify Hawaii's economy, and to encourage job creation in rural areas. To further encourage EB-5 investments and create jobs in rural sectors and targeted employment areas, special purpose revenue bonds need to be made available for certain project categories. Furthermore, if authorized, the special purpose revenue bonds intending to encourage EB-5 investments should receive high priority.

Therefore, 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 III, 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 $ , in one or more series, for the purpose of assisting manufacturing enterprises in Hawaii and encouraging foreign investment and job creation in the State through the United States Citizenship and Immigration Service designated EB-5 Immigrant Investment Program. The legislature hereby finds and determines that assisting manufacturing enterprises in Hawaii constitutes a project as defined in part III, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to manufacturing enterprises.

SECTION 3. Pursuant to part IV, 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 $ , in one or more series, for the purpose of assisting processing enterprises in Hawaii and encouraging foreign investment and job creation in the State through the United States Citizenship and Immigration Service designated EB-5 Immigrant Investment Program. The legislature hereby finds and determines that assisting processing enterprises constitutes a project as defined in part IV, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to processing enterprises.

SECTION 4. Pursuant to part VI, 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 $ , in one or more series, for the purpose of assisting utilities serving the general public in providing electric energy or gas, or telecommunications in Hawaii and encouraging foreign investment and job creation in the State through the United States Citizenship and Immigration Service designated EB-5 Immigrant Investment Program. The legislature hereby finds and determines that assisting utilities serving the general public in providing electric energy or gas, or telecommunication in Hawaii, constitutes a project as defined in part VI, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to utilities serving the general public in providing electric energy or gas, or telecommunications.

SECTION 5. 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 $ , in one or more series, for the purpose of assisting agricultural enterprises serving important agricultural lands in Hawaii and encouraging foreign investment and job creation in the State through the United States Citizenship and Immigration Service designated EB-5 Immigrant Investment Program. The legislature hereby finds and determines that assisting agricultural enterprises serving important agricultural lands constitutes a project as defined in part X, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an agricultural enterprise serving important agricultural lands.

SECTION 6. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to parts III, IV, VI, and X, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist manufacturing enterprises, processing enterprises, utilities serving the general public in providing electric energy or gas, or telecommunications, and agricultural enterprises serving important agricultural lands.

SECTION 7. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2019, 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 sections 2, 3, 4, and 5, 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 sections 2, 3, 4, and 5. 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 8. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2019.

SECTION 9. This Act shall take effect on July 1, 2015.

INTRODUCED BY:	_____________________________

HOUSE OF REPRESENTATIVES	H.B. NO.	1323
TWENTY-EIGHTH LEGISLATURE, 2015
STATE OF HAWAII