Bill Text: HI SB1208 | 2018 | Regular Session | Amended
Bill Title: Relating To Agriculture.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Passed) 2018-06-13 - Act 038, 06/07/2018 (Gov. Msg. No. 1138). [SB1208 Detail]
Download: Hawaii-2018-SB1208-Amended.html
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THE SENATE |
S.B. NO. |
1208 |
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TWENTY-NINTH LEGISLATURE, 2017 |
S.D. 2 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO AGRICULTURE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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 $9,000,000, in one or more series, for the purpose of assisting Twin Bridge Farms, Inc., a Hawaii corporation, for the purchase of land identified by tax map key 6‑7‑001:026. The legislature hereby finds and determines that the purchase of this land 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, 2023, 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, 2023.
SECTION 6. This Act shall take effect upon its approval.
Report Title:
Twin Bridge Farms; Special Purpose Revenue Bonds; Appropriation
Description:
Authorizes the issuance of special purpose revenue bonds to assist Twin Bridge Farms, Inc., to purchase certain lands. (SD2)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
