Authorizes the Hawaii community development authority to issue revenue bonds to pay for the development of the Kakaako property under the authority's control that is situated makai of Ala Moana boulevard.

A BILL FOR AN ACT

SECTION 1. Pursuant to part III, chapter 39, and part IV, chapter 206E, Hawaii Revised Statutes, the Hawaii community development authority, with the approval of the governor, is authorized to issue revenue bonds in a total amount not to exceed $             , in one or more series, for the purpose of implementing the community development plan for the Kakaako community development district on the island of Oahu; provided that the revenues derived from the bonds issued pursuant to this Act shall only be expended for the development of the Kakaako property under the authority's control that is situated makai of Ala Moana boulevard; provided further that any development funded by this Act shall not include any residential dwelling project on the Kakaako makai property.

SECTION 2. The revenue bonds issued under this Act shall be issued pursuant to part III, chapter 39, and part IV, chapter 206E, Hawaii Revised Statutes, relating to the power of the Hawaii community development authority to issue revenue bonds to develop public facility projects.

SECTION 3. The authorization to issue revenue bonds under this Act shall lapse on June 30, 2011.

SECTION 4. This Act shall take effect on July 1, 2006.