REPORT TITLE:
SPRB; Verticil International


DESCRIPTION:
Authorizes SPRB to assist Verticil International, Inc. to
establish a manufacturing facility.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           1477
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. TO 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 $20,000,000 in one or more series
 
 9 for the purpose of assisting Verticil International, Inc., a
 
10 Hawaii corporation, for acquisition, construction, and startup
 
11 related to the development of a manufacturing facility to
 
12 fabricate an electronic switching system.  The bonds to be issued
 
13 are to be taxable bonds in order to facilitate the issuance of
 
14 the special purpose revenue bonds for Verticil International,
 
15 Inc.  The legislature finds and determines that facilities and
 
16 equipment for the creation of a private, secure communications
 
17 network for the transmission of digitized data in any format
 
18 (data, text, graphics, audio, or video) with optional parallel
 
19 access to the public internet constitutes a "project" as defined
 

 
Page 2                                                     
                                     S.B. NO.           1477
                                                        
                                                        

 
 1 in part II, chapter 39A, Hawaii Revised Statutes, and the
 
 2 financing 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, 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.
 
10 
 
11                              INTRODUCED BY:______________________
 
12