HOUSE OF REPRESENTATIVES

H.B. NO.

119

THIRTY-FIRST LEGISLATURE, 2021

H.D. 1

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 assisting [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 enterprise."

     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.



 

Report Title:

Special Purpose Revenue Bonds; E Ola Mau Na Leo O Kekaha; Kaunalewa; Kekaha Sugar Mill

 

Description:

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)

 

 

 

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