REPORT TITLE:
Verticil International


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds in an
amount not to exceed $20,000,000 to assist Verticil
International, a manufacturing enterprise.  (HB1646 HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1646 
HOUSE OF REPRESENTATIVES                H.B. NO.H.D. 1     
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST VERTICIL
   INTERNATIONAL, INC., ESTABLISH A MANUFACTURING FACILITY.
 


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

 1      SECTION 1.  The legislature finds and declares that the
 
 2 issuance of special purpose revenue bonds to assist Verticil
 
 3 International, Inc., to establish a manufacturing facility under
 
 4 this Act is in the public interest.
 
 5      SECTION 2.  Pursuant to part III, chapter 39A, the
 
 6 department of budget and finance, with the approval of the
 
 7 governor, is authorized to issue special purpose revenue bonds in
 
 8 a total amount not to exceed $1 in one or more series for the
 
 9 purpose of assisting Verticil International, Inc., a Hawaii
 
10 corporation, for acquisition, construction, and startup related
 
11 to the development of a manufacturing facility to fabricate an
 
12 electronic switching system.  The bonds to be issued are to be
 
13 taxable bonds in order to facilitate the issuance of the special
 
14 purpose revenue bonds for Verticil International, Inc.  The
 
15 legislature hereby finds and determines that facilities and
 
16 equipment for the creation of a private, secure communications
 
17 network for transmission of digitized data in any format (data,
 
18 text, graphics, audio, or video) with optional parallel access to
 
19 the public Internet constitutes a "project" as defined in part
 

 
Page 2                                                     1646
                                     H.B. NO.H.D. 1     
                                                        
                                                        


 1 III, chapter 39A, Hawaii Revised Statutes, and the financing
 
 2 thereof is assistance for the purpose of manufacturing.
 
 3      SECTION 3.  The special purpose revenue bonds issued under
 
 4 this Act shall be issued pursuant to part III of chapter 39A,
 
 5 Hawaii Revised Statutes, relating to the power to issue special
 
 6 purpose revenue bonds to assist manufacturing.
 
 7      SECTION 4.  The authorization to issue special purpose
 
 8 revenue bonds under this Act shall lapse on June 30, 2002.
 
 9      SECTION 5.  This Act shall take effect upon its approval.
 
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