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THE SENATE |
S.B. NO. |
2970 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
S.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 BIOTORK HAWAII, LLC.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that it is in the State's interest to convert crops, crop residues, dedicated energy crops, and agricultural wastes into economically and environmentally sustainable biofuels and value added co-products. In so doing, the State advances agricultural and energy initiatives, which promote sustainability and self-sufficiency. Biotork Hawaii, LLC proposes to build, own, and operate facilities to convert agricultural crops and byproducts like albizia, sweet potatoes, papaya, sugar cane bagasse, and molasses to biofuels and high protein feed. The legislature finds that part V, chapter 39A, Hawaii Revised Statutes, permits the State to financially assist industrial enterprises through the issuance of special purpose revenue bonds.
The legislature further 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 $50,000,000, in one or more series, for the purpose of assisting Biotork Hawaii, LLC, a Delaware corporation, for the planning, permitting, design, construction, equipping, and operation of a facility to convert agricultural crops and byproducts to biofuels and feed. The legislature hereby finds and determines that the planning, permitting, design, construction, equipping, and operation of a facility to convert agricultural crops and byproducts to biofuels and feed constitute 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, 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 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, 2019.
SECTION 6. This Act shall take effect on July 1, 2050.
Report Title:
Special Purpose Revenue Bonds; Biotork Hawaii, LLC
Description:
Authorizes the issuance of special purpose revenue bonds to assist Biotork Hawaii, LLC with the planning, permitting, design, construction, equipping, and operation of a facility to convert agricultural crops and byproducts to biofuels and various feed. Effective July 1, 2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.