Report Title:

SPRB; Windward Nazarene Academy

Description:

Authorizes issuance of $1,750,000 in special purpose revenue bonds for Windward Nazarene Academy.

THE SENATE

S.B. NO.

1643

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the issuance of special purpose revenue bonds for windward nazarene academy.

 

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 public health, safety, and 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 a total amount not to exceed $1,750,000, in one or more series, for the purpose of assisting Windward Nazarene Academy, to finance the planning, designing, and constructing of a multi-purpose building. The legislature hereby finds and determines that the planning, designing, and constructing of a multi-purpose building constitutes 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 school and middle school is in the public interest.

SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under 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 public interest.

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, 2008, 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, 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 6. The authorization to issue special purpose revenue bonds under section 2 of this Act shall lapse on June 30, 2008.

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

INTRODUCED BY:

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