REPORT TITLE:
SPRB; Hotel Industry Marketing


DESCRIPTION:
Allows SPRBs to be issued for the purpose of assisting the
marketing of the hotel industry in Hawaii for incentives, special
events, small conventions, and constructing a facility in
Waikoloa, Hawaii.   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           1443
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
________________________________________________________________
________________________________________________________________


                     A BILL FOR AN ACT

RELATING TO SPECIAL PURPOSE REVENUE BONDS.


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  The legislature finds that the lagging economy
 
 2 has affected the hotel industry and that increased marketing is
 
 3 needed to increase the development of the hotel industry in
 
 4 Hawaii.  The legislature further finds that part V, chapter 39A,
 
 5 Hawaii Revised Statutes, permits the State to financially assist
 
 6 industrial enterprises through the issuance of special purpose
 
 7 revenue bonds.
 
 8      The legislature finds and declares that the issuance of
 
 9 special purpose revenue bonds under this Act is in the public
 
10 interest and for the public health, safety, and general welfare
 
11 of the State.
 
12      SECTION 2.  Pursuant to part V, chapter 39A, Hawaii Revised
 
13 Statutes, the department of budget and finance, with the approval
 
14 of the governor, is authorized to issue in one or more series
 
15 special purpose revenue bonds in a total amount not to exceed
 
16 $10,000,000 for the purpose of assisting _________________ an
 
17 industrial enterprise with its marketing of incentives, special
 
18 events, small conventions, and building a permanent facility.
 
19 The legislature finds and determines that the activities
 
20 of ___________ constitute an industrial enterprise project as
 

 
Page 2                                                     
                                     S.B. NO.           1443
                                                        
                                                        

 
 1 defined in part V, chapter 39A, Hawaii Revised Statutes, and the
 
 2 financing thereof is assistance to an industrial enterprise.
 
 3      SECTION 3. The special purpose revenue bonds issued under
 
 4 this Act shall be issued pursuant to part V, chapter 39A, Hawaii
 
 5 Revised Statutes, relating to the power to issue special purpose
 
 6 revenue bonds to assist industrial enterprises.
 
 7      SECTION 4. The authorization to issue special purpose
 
 8 revenue bonds under this Act shall lapse on June 30, 2002.
 
 9      SECTION 5.  This Act shall take effect upon its approval.
 
10 
 
11                           INTRODUCED BY:  _______________________