Report Title:
Special Purpose Revenues Bonds; Maui Farmers Cooperative
Description:
Authorizes the issuance of special purpose revenue bonds to assist a Maui farmers cooperative, engaged in an industrial enterprise.
THE SENATE |
S.B. NO. |
1570 |
TWENTY-SECOND LEGISLATURE, 2003 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST INDUSTRIAL ENTERPRISES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that Maui county is well known for its verdant green valleys and view planes. Maui county residents are committed to preserving green open spaces for their enjoyment and as an attraction for visitors from throughout the world. The legislature further finds that the agriculture industry seeks to preserve green open spaces while at the same time supporting economic development on Maui. One specific proposal to preserve green open space is to assist a Maui farmers cooperative in purchasing lands designated for agricultural uses that are being offered for sale for residential development. This proposal would support agriculture as a viable industry on Maui and enhance the economic well being of Maui county and the general welfare of its residents.
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.
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 $ , in one or more series, for the purpose of assisting, a Maui farmers cooperative, to purchase lands designated for agricultural use that are being offered for sale for residential development. The legislature hereby finds and determines that the Maui farmers cooperative constitutes 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 special purpose revenue bonds and the refunding 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 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2008, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2. In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.
SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2008.
SECTION 6. This Act shall take effect upon its approval.
INTRODUCED BY: |
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