Report Title:

SPRB; Punana Leo Preschool System

Description:

Authorizes issuance of special purpose revenue bonds for plans, design, and construction of various statewide improvements for the Punana Leo Preschool System.

THE SENATE

S.B. NO.

1687

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST THE PUNANa LEO PRESCHOOL SYSTEM, A NOT-FOR-PROFIT CORPORATION THAT PROVIDES EARLY CHILDHOOD EDUCATION AND CARE FACILITIES SERVING THE GENERAL PUBLIC.

 

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

SECTION 1. The legislature finds that the Punana Leo Preschool system maintains preschools located on the island of Oahu, Kauai, and Hawaii. Each of its preschools is in need of improvement. However, the Punana Leo cannot afford to construct these improvements. The legislature further finds that the Punana Leo Preschool system qualifies as a nonprofit corporation providing early childhood education and care facilities serving the general public, and therefore qualifies for a special purpose revenue bond issuance.

SECTION 2. 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's general welfare.

SECTION 3. Pursuant to part VII, 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 $305,000, in one or more series, for the purpose of assisting the Punana Leo O Preschool system, a not-for profit corporation that provides early childhood education and care facilities serving the general public, for the following campuses:

Punana Leo O Waianae

Construction of a classroom building $75,000

Repair of a building $15,000

Punana Leo O Kauai

Repair & maintenance of classroom $40,000

Roof repair $15,000

Punana Leo O Honolulu

Ground cover for playground $30,000

Punana Leo O Kawaiahao

Ground cover for playground $30,000

Punana Leo O Samuel Kamakau

Plans, design, and construction

For a playground $100,000.

The legislature hereby finds and determines that the plans, design, and construction of these improvements qualify as a project as defined in part VII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a not-for-profit corporation that provides early childhood education and care facilities to the general public.

SECTION 4. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part VII, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist not-for-profit corporation that provides early childhood education and care facilities to the general public.

SECTION 5. The department of budget and finance is authorized, from time to time, including times subsequent to July 1, 2003, 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 3. 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 this Act shall lapse on June 30, 2008.

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

INTRODUCED BY:

_____________________________