Bill Text: HI SB1275 | 2016 | Regular Session | Introduced
Bill Title: SPRB; Paradise Ohana ($)
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-21 - Re-Referred to EET, WAM. [SB1275 Detail]
Download: Hawaii-2016-SB1275-Introduced.html
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THE SENATE |
S.B. NO. |
1275 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
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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 for assisting an industrial enterprise.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
PART I
SECTION 1. The legislature finds and declares that the issuance of special purpose revenue bonds under this part 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 $15,000,000, in one or more series, for the purpose of assisting Paradise Ohana Automotive Training & Education, LLC, a Hawaii not-for-profit corporation, for the planning, design, and construction of an automotive training and education facility in Hawaii. The legislature hereby finds and determines that the planning, design, and construction of industrial enterprise facilities a portion of a more than four hundred acre facility constitutes a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to industrial enterprises.
SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this part 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, 2020, 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 part shall lapse on June 30, 2020.
PART II
SECTION 6. The legislature finds and declares that the issuance of special purpose revenue bonds under this part is in the public interest and for the public health, safety, and general welfare.
SECTION 7. 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 $20,000,000, in one or more series, for the purpose of assisting Paradise Ohana Automotive Technologies, LLC, a not-for-profit Hawaii corporation, for the planning, design, and construction of a manufacturing and industrial facility on a portion of a more than four hundred acre facility in West Oahu. The legislature hereby finds and determines that the planning, design, and construction of a manufacturing and industrial facility on a portion of a more than four hundred acre facility in West Oahu constitutes a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an industrial enterprise.
SECTION 8. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this part 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 9. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2020, 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 7 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 7. 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 10. The authorization to issue special purpose revenue bonds under this part shall lapse on June 30, 2020.
PART III
SECTION 11. The legislature finds and declares that the issuance of special purpose revenue bonds under this part is in the public interest and for the public health, safety, and general welfare.
SECTION 12. 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 $30,000,000, in one or more series, for the purpose of assisting Paradise Ohana Automotive Discovery Center, LLC, a not-for-profit Hawaii corporation, for the development of an education facility in West Oahu. The legislature hereby finds and determines that the planning, design, and construction of an education facility constitute a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to industrial enterprise.
SECTION 13. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this part 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 14. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2020, 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 12 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 12. 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 15. The authorization to issue special purpose revenue bonds under this part shall lapse on June 30, 2020.
PART IV
SECTION 16. The legislature finds and declares that the issuance of special purpose revenue bonds under this part is in the public interest and for the public health, safety, and general welfare.
SECTION 17. 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 $35,000,000, in one or more series, for the purpose of assisting Paradise Ohana Motorsports Center, LLC, a Hawaii corporation, for plans and construction of a motorsports center. The legislature hereby finds and determines that plans and construction of a motorsports center constitute a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an industrial enterprise.
SECTION 18. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this part 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 19. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2020, 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 17 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 17. 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 20. The authorization to issue special purpose revenue bonds under this part shall lapse on June 30, 2020.
PART V
SECTION 21. This Act shall take effect on July 1, 2015.
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INTRODUCED BY: |
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Report Title:
SPRB; Paradise Ohana
Description:
Authorizes the issuance of SPRBs to assist industrial enterprises.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
