REPORT TITLE:
Panaewa Race Track


DESCRIPTION:
Authorizes 1.25 million in GO bonds for renovation of the Panaewa
Race Track.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                             2987
HOUSE OF REPRESENTATIVES                H.B. NO.           
TWENTIETH LEGISLATURE, 2000                                     
STATE OF HAWAII                                                 
                                                             
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                     A  BILL  FOR  AN  ACT

AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS AND MAKING
   AN APPROPRIATION FOR PANAEWA RACE TRACK.


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

 1      SECTION 1.  The legislature finds that while Hawaii in
 
 2 general is beginning to experience a return of economic growth,
 
 3 the east side of the island of Hawaii continues to languish as an
 
 4 economic entity.  If the area is to overcome the aftermath of
 
 5 several years of business closings and job loss, new industries
 
 6 must be developed to replace those no longer viable in the
 
 7 region.
 
 8      The legislature further finds that the agricultural nature
 
 9 of the island of Hawaii makes it conducive to developing an
 
10 industry based on horses -- breeding, raising, and training for
 
11 both local use and for export.  No other region in the State is
 
12 currently focused on this industry, and it offers the Hilo and
 
13 surrounding areas an opportunity to capitalize on both available
 
14 space and a mild climate.  In addition, there are a number of
 
15 individuals in and around the Hilo area who already own horses,
 
16 and would benefit from improved facilities.
 
17      Facilities at Panaewa are currently in an unusable state,
 
18 but provide a foundation for renovation and use, creating both
 
19 improved facilities and jobs for residents.  The purpose of this
 

 
Page 2                                                     2987
                                     H.B. NO.           
                                                        
                                                        

 
 1 Act is to authorize the issuance of $1,250,000 in general
 
 2 obligation bonds for the renovation of the Panaewa Race Track as
 
 3 a facility for breeding, raising, and training horses.
 
 4      SECTION 2.  The director of finance is authorized to issue
 
 5 general obligation bonds in the sum of $1,250,000, or so much
 
 6 thereof as may be necessary, and the same sum, or so much thereof
 
 7 as may be necessary, is appropriated for fiscal year 2000-2001
 
 8 for renovation of the Panaewa Race Track as a facility for
 
 9 breeding, raising, and training horses.
 
10      SECTION 3.  The appropriation made for the capital
 
11 improvement project authorized in this Act shall not lapse at the
 
12 end of the fiscal year for which the appropriation is made;
 
13 provided that all moneys from the appropriation unencumbered as
 
14 of June 30, 2002, shall lapse as of that date.
 
15      SECTION 4.  The sum appropriated shall be expended by the
 
16 county of Hawaii for the purpose of this Act.
 
17      SECTION 5.  This Act shall take effect on July 1, 2000.
 
18 
 
19                           INTRODUCED BY:  _______________________