REPORT TITLE:
SPERB; Coffee Processing


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds to
assist the coffee industry in planning and building a processing
plant for freeze dried coffee.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                             
THE SENATE                              S.B. NO.           2411
TWENTIETH LEGISLATURE, 2000                                     
STATE OF HAWAII                                                 
                                                             
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                     A  BILL  FOR  AN  ACT

RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING
   ENTERPRISES.



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

 1      SECTION 1.  The legislature finds that coffee production
 
 2 throughout Hawaii was valued at over $24,000,000 in 1998.  While
 
 3 this is a significant contribution to the economy, coffee sales
 
 4 have fallen in recent years due to strong competition in world
 
 5 markets.
 
 6      The legislature also finds that in order to develop
 
 7 additional markets for Hawaii-grown coffee, the industry must add
 
 8 new products such as freeze dried coffee.  Prospective buyers for
 
 9 freeze dried coffee include the United States military, overseas
 
10 markets, and niche markets such as eco-tourism that rely on
 
11 portable and durable food products.
 
12      The legislature further finds and declares that the issuance
 
13 of special purpose revenue bonds under this Act constitutes a
 
14 processing enterprise pursuant to part IV, chapter 39A, Hawaii
 
15 Revised Statutes, and is in the public interest.
 
16      SECTION 2.  Pursuant to part IV, chapter 39A, Hawaii Revised
 
17 Statutes, the department of budget and finance, with the approval
 
18 of the governor, is authorized to issue special purpose revenue
 
19 bonds in a total amount not to exceed $10,000,000, in one or more
 

 
Page 2                                                     
                                     S.B. NO.           2411
                                                        
                                                        

 
 1 series, for the purpose of assisting a cooperative formed by
 
 2 coffee growers of Hawaii in planning and building a processing
 
 3 plant for freeze dried coffee, at a site to be determined.
 
 4      The legislature finds and determines that the planning and
 
 5 building of a processing plant to freeze dry coffee constitutes a
 
 6 processing enterprise project as defined in part IV, chapter 39A,
 
 7 Hawaii Revised Statutes, and is in the public interest.
 
 8      SECTION 3.  The special purpose revenue bonds issued under
 
 9 section 2 of this Act shall be issued pursuant to part IV,
 
10 chapter 39A, Hawaii Revised Statutes, relating to the power to
 
11 issue special purpose revenue bonds to assist processing
 
12 enterprises.
 
13      SECTION 4.  The department of budget and finance is
 
14 authorized to issue from time to time, refunding special purpose
 
15 revenue bonds authorized in such principal amounts as the
 
16 department shall determine to be necessary to refund the special
 
17 purpose revenue bonds authorized in section 2.
 
18      SECTION 5.  The authorization to issue special purpose
 
19 revenue bonds under this Act shall lapse on June 30, 2005.
 
20      SECTION 6.  This Act shall take effect upon its approval.
 
21 
 
22                           INTRODUCED BY:  _______________________