Report Title:

High Technology Development Corporation; SPRBs; Electricore Inc.

Description:

Authorizes the high technology development corporation to issue special purpose revenue bonds on behalf of Electricore, Inc., to produce unmanned vehicle and aerial systems and related technologies.

THE SENATE

S.B. NO.

2392

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the issuance of special purpose revenue bonds to assist high technology industrial enterprises.

 

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

SECTION 1. The legislature finds that there has been an exponential increase in the development of unmanned vehicle systems for sea, air, land, and space applications. The growth has come especially in the use of unmanned aerial vehicles, with the Department of Defense using them routinely for reconnaissance, the National Aeronautics and Space Agency exploring environmental and commercial applications, and the Department of Homeland Security applying them in the security of the country. The legislature also finds that there is an opportunity for Hawaii in the development of unmanned vehicle systems, unmanned aerial vehicle technologies, and operational concepts, because Hawaii has an ideal infrastructure and support base for creating, developing, and testing integrated multi-use unmanned systems. Hawaii offers: high tech infrastructure; many military, science, and commercial partners; academic and research resources; and open skies, land masses, and seas necessary for test operations.

The legislature further finds that Electricore, Inc. is uniquely qualified to function as the facilitator of the Mid-Pacific Unmanned Systems Test Center, a consortium of science, commercial, and military partners. Mid-Pacific Unmanned Systems Test Center is developing extreme endurance high altitude unmanned aerial vehicles, like the Helios, which can function as the platforms for multiple missions and technologies. Hawaii will benefit from the technological growth in unmanned vehicle systems, unmanned aerial vehicles, and multi-use sensors development, the location of operational centers in Hawaii, the incubation of commercial opportunities by the development of new technologies, the establishment of a new industry with high-technology jobs, and other educational and research opportunities.

For the foregoing reasons, the legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and is beneficial to the public health, safety, and general welfare.

The legislature finds that chapter 206M, Hawaii Revised Statutes, permits the State to financially assist high technology industrial enterprises through the issuance of special purpose revenue bonds and 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 of the State. The legislature finds that Electricore, Inc., a Hawaii corporation, is a high-technology industrial enterprise meeting the qualifications for special purpose revenue bond assistance under chapter 206M, Hawaii Revised Statutes. The special purpose revenue bonds authorized under this Act will provide low interest rate bond financing for facilities for the development and production of unmanned vehicle systems and unmanned aerial vehicles and the multi-use sensor technologies associated with integrated multi-use unmanned systems.

SECTION 2. Pursuant to chapter 206M, Hawaii Revised Statutes, the high technology development corporation, with the approval of the governor, is authorized to issue in one or more series special purpose revenue bonds in a total amount not to exceed $30,000,000 for the purpose of assisting Electricore, Inc., a Hawaii corporation, in the planning, design, construction, and operation of facilities for the development and production of unmanned vehicle systems and unmanned aerial vehicles and the technologies associated with integrated multi-use unmanned systems. The legislature finds and determines that the activities and facilities of Electricore, Inc., constitute a project as defined in chapter 206M, Hawaii Revised Statutes, and the financing thereof is assistance to a high-technology industrial enterprise.

SECTION 3. The special purpose revenue bonds issued under this Act shall be issued pursuant to chapter 206M, Hawaii Revised Statutes, relating to the power of the high technology development corporation to issue special purpose revenue bonds to assist high technology industrial enterprises.

SECTION 4. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2009.

SECTION 5. This Act shall take effect upon its approval.

INTRODUCED BY:

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