REPORT TITLE:
SPRB; Hawaii Gold Cacao Tree


DESCRIPTION:
Authorizes the issuance of $10,000,000 in special purpose revenue
bonds for Hawaii Gold Cacao Tree.  (SB2530 HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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THE SENATE                              S.B. NO.           S.D. 1
TWENTIETH LEGISLATURE, 2000                                H.D. 1
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO AGRICULTURE.



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

 1      SECTION 1.  The legislature finds that the cessation of
 
 2 sugar operations in Hawaii has resulted in the loss of jobs and
 
 3 revenues to the State, the counties, and the citizens of Hawaii.
 
 4 The land formerly devoted to the growing of sugar cane is now
 
 5 available for commercial growing of a diverse number of crops,
 
 6 including cacao seedlings, cacao trees, and cacao bean crop.  The
 
 7 establishment of new facilities in the State to process cacao
 
 8 beans and produce cacao and chocolate products would support the
 
 9 development of cacao nursery and farming operations and the
 
10 marketing and sales of cacao and chocolate locally and for
 
11 export.  Such facilities would create an estimated one hundred
 
12 new jobs directly in the processing and production operations, as
 
13 well as additional new jobs in related nursery, farming,
 
14 marketing, and sales operations.  Due to the economic conditions
 
15 in the State, and the loss of many agricultural jobs, the
 
16 creation of new jobs is imperative at this time.
 
17      The legislature also finds that it is particularly in the
 
18 public interest to encourage and promote the development of new
 
19 agriculture-related enterprises where and when that opportunity
 
20 presents itself.  The establishment of new facilities that can
 

 
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 1 process cacao beans and produce cacao and chocolate products for
 
 2 use locally and for export is the type of enterprise that will
 
 3 provide such an opportunity for our State.  The cacao processing
 
 4 and cacao and chocolate production facilities proposed by Hawaii
 
 5 Gold Cacao Tree, Inc., in the county of Hawaii is an excellent
 
 6 example of the type of enterprise that the legislature finds to
 
 7 be in the public interest.
 
 8      The legislature finds and declares that the issuance of
 
 9 special purpose revenue bonds under this Act is in the public
 
10 interest and for the public's general welfare.
 
11      SECTION 2.  Pursuant to part IV, chapter 39A, Hawaii Revised
 
12 Statutes, the department of budget and finance, with the approval
 
13 of the governor, is authorized to issue special purpose revenue
 
14 bonds in a total amount not to exceed $10,000,000, in one or more
 
15 series, for the purpose of assisting Hawaii Gold Cacao Tree,
 
16 Inc., to finance the establishment of facilities in the county of
 
17 Hawaii to process cacao beans and to manufacture and produce
 
18 cacao and chocolate products.  The legislature finds and
 
19 determines that the planning, construction, and equipping of
 
20 facilities to process cacao beans and to manufacture and produce
 
21 cacao and chocolate products constitutes a project as defined in
 
22 part IV, chapter 39A, Hawaii Revised Statutes, and the financing
 
23 thereof is assistance to a processing enterprise.
 

 
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 1      SECTION 3.  The special purpose revenue bonds issued under
 
 2 this Act shall be issued pursuant to part IV, chapter 39A, Hawaii
 
 3 Revised Statutes, relating to the power to issue special purpose
 
 4 revenue bonds to assist processing enterprises.
 
 5      SECTION 4.  The department of budget and finance is further
 
 6 authorized to issue from time to time refunding special purpose
 
 7 revenue bonds authorized in such principal amounts as the
 
 8 department shall determine to be necessary to refund the special
 
 9 purpose revenue bonds authorized in section 2.
 
10      SECTION 5.  The authorization to issue special purpose
 
11 revenue bonds under this Act shall lapse on June 30, 2003.
 
12      SECTION 6.  This Act shall take effect upon its approval.