Report Title:

Calvary Episcopal Preschool and Day Care; Appropriation

Description:

Appropriates funds for Calvary Episcopal Preschool and Day Care Center through the Special Purpose Revenue Bonds allowed under Act 257, Session Laws of Hawaii 2002.

THE SENATE

S.B. NO.

1686

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the issuance of special purpose revenue bonds for calvary episcopal preschool and day care center.

 

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 $130,000, in one or more series, for the purpose of assisting Calvary Episcopal Preschool and Day Care Center in building the following projects:

Handicapped accessible parking $50,000

Playground facilities $50,000

Teachers lounge $30,000.

The legislature hereby finds and determines that assisting Calvary Episcopal Preschool and Day Care Center 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 that serves the general public.

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.

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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