Report Title:
SPRB; Hawaii Heritage Preservation Alliance
Description:
Authorizes the issuance of SPRB for Hawaii Heritage Preservation Alliance for early childhood education and care facilities. (SD2)
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THE SENATE |
S.B. NO. |
1501 |
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TWENTY-FIRST LEGISLATURE, 2001 |
S.D. 2 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to kakaako community development.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that part VII, chapter 39A, Hawaii Revised Statutes, permits the State to financially assist not-for-profit corporations that provide early childhood education and care facilities serving the general public through the issuance of special purpose revenue bonds.
The legislature finds and declares that the issuance of special purpose revenue bonds to Heritage Preservation Alliance under this Act for early childhood education and care facilities in Kakaako is in the public interest and for the public health, safety, and general welfare of the State.
SECTION 2. Pursuant to part VII, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue in one or more series special purpose revenue bonds in a total amount not to exceed $ , for the purpose of assisting the Heritage Preservation Alliance to provide early childhood education and care facilities in Kakaako. The legislature finds and determines that the Heritage Preservation Alliance qualifies as a project party under part VII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a not-for-profit corporation that provides early childhood education and care facilities serving the general public.
SECTION 3. The special purpose revenue bonds issued under this Act to assist the Heritage Preservation Alliance to provide early childhood education and care facilities in Kakaako shall be issued pursuant to part VII, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist not-for-profit corporations that provide early childhood education and care facilities serving the general public.
SECTION 4. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2004.
SECTION 5. This Act shall take effect upon its approval.