Bill Text: HI HB1682 | 2022 | Regular Session | Amended
Bill Title: Relating To The Issuance Of Special Purpose Revenue Bonds To Assist Next Level Solutions Group Inc.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Engrossed - Dead) 2022-04-21 - Received notice of Senate conferees (Sen. Com. No. 889). [HB1682 Detail]
Download: Hawaii-2022-HB1682-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1682 |
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THIRTY-FIRST LEGISLATURE, 2022 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST NEXT LEVEL SOLUTIONS GROUP INC.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds and declares that it is in the public interest to encourage the development of waste-to-energy technology in the State. The legislature further finds that Next Level Solutions Group Inc. is engaged in the development of such technology.
The legislature further finds that Next Level Solutions Group Inc.'s development of waste-to-energy technology benefits Hawaii by:
(1) Reducing the amount of waste entering Hawaii's landfills;
(2) Protecting the environment, including by not releasing toxins and other harmful emissions into the air; and
(3) Creating new, well-paying jobs in the clean-energy sector for Hawaii residents.
The legislature additionally finds that Next Level Solutions Group Inc. may be assisted through the issuance of special purpose revenue bonds because its development of waste-to-energy technology is an industrial enterprise as defined in part V, chapter 39A, Hawaii Revised Statutes.
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 V, 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 Next Level Solutions Group Inc., a Hawaii corporation, for the development of a waste-to-energy facility. The legislature hereby finds and determines that the development of a waste-to-energy facility constitutes a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an industrial 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 V, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist industrial enterprises.
SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2027, 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, 2027.
SECTION 6. This Act shall take effect on July 1, 2100.
Report Title:
Special Purpose Revenue Bonds; Next Level Solutions Group Inc.
Description:
Authorizes the issuance of special purpose revenue bonds to assist Next Level Solutions Group Inc., in developing a waste-to-energy facility. Effective 7/1/2100. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
