Report Title:

Education; SPRB; Montessori School of Maui

Description:

Authorizes the issuance of special purpose revenue bonds to Montessori School of Maui for financing the construction and improvement of the school.

HOUSE OF REPRESENTATIVES

H.B. NO.

2950

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO EDUCATION

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

SECTION 1. The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the publicís general welfare.

SECTION 2. Pursuant to Act 257, Session Laws of Hawaii 2002, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in the total amount not to exceed $10,000,000, in one or more series, for the purpose of assisting Montessori School of Maui to finance the planning and construction of its educational facilities in the State of Hawaii. The legislature finds that the planning and construction of such educational facilities is a project as defined in Act 257, Session Laws of Hawaii 2002, and the financing thereof is assistance to a not-for-profit private elementary and secondary school that serves the general public.

SECTION 3. The special purpose revenue bonds authorized by this Act shall be issued pursuant to Act 257, Session Laws of Hawaii 2002, relating to the power to issue special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public.

SECTION 4. The special purpose revenue bonds issued under this Act may be issued in one or more series for a single project, multiple projects, a single-project party, or multiple-project parties pursuant to the authority of this Act or the combined authority of this Act and any one or more other separate acts of the legislature pursuant to Act 257, Session Laws of Hawaii 2002, and the department may combine into a single issue of special purpose revenue bonds, in one or more series, two or more proposed issues of special purpose revenue bonds to be issued pursuant to Act 257, Session Laws of Hawaii 2002, separately authorized, in the total amount not to exceed the aggregate of the proposed separate issues of special purpose revenue bonds.

SECTION 5. The department of budget and finance is further authorized to issue from time to time, including times subsequent to June 30, 2009, 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. Such refunding special purpose revenue bonds may be issued in one or more series for the refunding of the special purpose revenue bonds authorized in section 2 and may be combined into a single issue of refunding revenue special purpose revenue bonds, in one or more series, with refunding special purpose revenue bonds to be issued by the department to refund any other special purpose revenue bonds authorized by any one or more other separate acts of the legislature pursuant to Act 257, Session Laws of Hawaii 2002.

SECTION 6. The authorization to issue special purpose revenue bonds under section 2 of this Act shall lapse on June 30, 2009.

SECTION 7. This Act shall take effect upon approval.

 

 

INTRODUCED BY:

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