Authorizes the issuance of special purpose revenue bonds to assist Adtech 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 opportunties in the State. The legislature further finds that Adtech, a high-tech manufacturing company, has grown from less than one hundred employees in the late 1990s to three hundred thirty employees, and could employ as many as eight hundred employees by the middle of the decade. Furthermore, the 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 III, 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 Adtech 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 Adtech constitute a project as defined in part III, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a manufacturing enterprise.

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