HOUSE OF REPRESENTATIVES
THIRTY-FIRST LEGISLATURE, 2021
STATE OF HAWAII
A BILL FOR AN ACT
RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST KAUNALEWA.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Act 43, Session Laws of Hawaii 2019, is amended by amending sections 1 and 2 to read as follows:
"SECTION 1. The legislature finds that [
E Ola Mau Na
Leo O Kekaha] Kaunalewa proposes to obtain, remediate, and develop
the old Kekaha Sugar Mill from Kekaha MS, LLC, in Kekaha, Kauai, Hawaii, [ through
its subsidiary Kekaha Community Development Corporation,] to create, among
other things, a [ smart farming enterprise,] supply chain facilities community
marketplace, tourist and cultural center, [ community sunshine market,
community greenhouse, and community manufacturing and incubator facility.] workforce
development, and hub for product creation and incubation. Acquiring, remediating, and developing the
property to provide various services will address community and island-wide
issues relating to the preservation of a historic cultural site, preservation
of important agricultural endeavors, and development and creation of diverse
economic drivers on the west side of Kauai that have significantly diminished
in recent years due to the closing of the Kekaha Sugar Mill.
The legislature additionally finds and declares that the proposed acquisition, remediation, and development of the Kekaha Sugar Mill through the issuance of special purpose revenue bonds under this Act is in the public interest and will further public health, safety, and general welfare.
The purpose of this Act is to
authorize the issuance of special purpose revenue bonds to assist [
E Ola Mau
Na Leo O Kekaha,] Kaunalewa with the financing, acquisition,
remediation, construction, and development of the old Kekaha Sugar Mill [ through
its subsidiary, Kekaha Community Development Corporation].
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 $10,000,000 in one or more series, for the purpose of
E Ola Mau Na Leo O Kekaha,] Kaunalewa, a Hawaii domestic
501(c)(3) entity, in acquiring, remediating, and developing the aforementioned
project. The legislature hereby finds
and determines that [ E Ola Mau Na Leo O Kekaha's] Kaunalewa's financing,
acquisition, remediation, construction, and development of this project
constitutes projects as defined in part V, chapter 39A, Hawaii Revised
Statutes, and the financing thereof will provide assistance to an industrial
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050.
Special Purpose Revenue Bonds; E Ola Mau Na Leo O Kekaha; Kaunalewa; Kekaha Sugar Mill
Replaces E Ola Mau Na Leo O Kekaha with Kaunalewa as the entity authorized to receive special purpose revenue bonds issued to assist with the acquisition, remediation, and development of the old Kekaha Sugar Mill in Kekaha, Kauai, Hawaii. Effective 7/1/2050. (HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.