Report Title:

Revenue Bonds; Military Visitor Attraction

 

Description:

Authorizes special facility revenue bonds to build a world class destination visitor attraction on Ford Island to tell the Navy-Marine Corps story in World War II. (CD1)

THE SENATE

S.B. NO.

3048

TWENTY-FIRST LEGISLATURE, 2002

S.D. 2

STATE OF HAWAII

H.D. 1


C.D. 1

A BILL FOR AN ACT

 

RELATING TO BONDS.

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

SECTION 1. The legislature finds that the State needs to promote the military stories of Hawaii, including those of the Navy and Marine Corps during World War II. The State proposes to build a world-class destination visitor attraction on Ford Island to tell the Navy-Marine Corps story in World War II. The attraction will include live and interactive exhibits of World War II planes, ships, and submarines, and a tea garden dedicated in memory of the Japanese internment during World War II. The visitor attraction will attract 1,500,000 visitors to Hawaii.

The legislature finds and declares that the issuance of special facility 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 section 266-55, Hawaii Revised Statutes, mandating that special facility revenue bonds be issued as revenue bonds under part III of chapter 39, Hawaii Revised Statutes, the department of transportation, with the approval of the governor, is authorized to issue special facility revenue bonds in a total amount not to exceed $25,000,000, in one or more series for the purpose of building a world class destination visitor attraction on Ford Island to tell the Navy-Marine Corps story in World War II.

SECTION 3. The special facility revenue bonds issued under this Act shall be issued pursuant to part III of chapter 39, Hawaii Revised Statutes.

SECTION 4. There is appropriated out of the special facility revenue bond proceeds authorized by this Act the sum of $25,000,000 or so much thereof as may be necessary for fiscal year 2002-2003 to carry out the purposes of this Act.

The sum appropriated shall be expended by the department of transportation for the purposes of this Act.

SECTION 5. The authorization to issue special facility revenue bonds under this Act shall lapse on June 30, 2005.

SECTION 6. This Act shall take effect upon its approval.