Authorizes the issuance of special purpose revenue bonds to assist Science Technology Innovations in financing the capital costs related to the relocation to, and construction of, a new facility in Kakaako.

A BILL FOR AN ACT

SECTION 1. The legislature finds that it is in the public interest to encourage the development of high technology endeavors to enhance job growth and creation, and to expand economic development opportunities in the State. The legislature further finds that Science Technology Innovations, a high-tech company, is a significant player in developing Hawaii's high technology industry.

The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare of the State.

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 $ , in one or more series, for the purpose of assisting Science Technology Innovations and its not-for-profit subsidiaries in financing the capital costs related to the relocation to, and construction of, a new facility in Kakaako. The legislature finds and determines that the activities and facilities of Science Technology Innovations constitute a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an industrial enterprise.

SECTION 3. The special purpose revenue bonds issued under this Act shall be issued pursuant to part V, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist industrial enterprises.

SECTION 4. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2006.

SECTION 5. This Act shall take effect upon its approval.