Report Title:

Special purpose revenue bonds; STI

 

Description:

Authorizes the issuance of special purpose revenue bonds to assist Science and Technology International in financing the capital costs related to the relocation to, and construction of, a new facility in Kakaako. (HB1149 HD2)

 

HOUSE OF REPRESENTATIVES

H.B. NO.

1149

TWENTY-FIRST LEGISLATURE, 2001

H.D. 2

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST SCIENCE TECHNOLOGY INNOVATIONS.

 

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

SECTION 1. The legislature finds that it is in the public interest to assist science technology innovations and related endeavors to enhance job growth and creation, and to expand economic development opportunities in the State. The legislature further finds that Science and Technology International, a high-tech company, is a significant player in developing Hawaii's high technology industry.

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 of the State.

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 $10,000,000 in one or more series, for the purpose of assisting Science and Technology International and its subsidiaries in financing the capital costs related to the relocation to, and construction of, a new facility in Kakaako. The legislature finds and determines that the activities and facilities of Science and Technology International 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 department of budget and finance shall process applications for special purpose revenue bonds under this Act in accordance with the requirements of its "Formal Application for Financing of an Industrial Enterprise." The department shall report to the legislature twenty days before the convening of the regular sessions of 2002 and 2003 regarding any progress made with respect to the issuance of the special purpose revenue bonds authorized by this Act.

SECTION 4. The department of budget and finance is authorized to issue from time to time, refunding special purpose revenue bonds authorized in such principal amounts as the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2.

SECTION 5. The 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 6. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2004.

SECTION 7. This Act shall take effect upon its approval.