PROPOSING AN AMENDMENT TO ARTICLE VII, SECTION 12, OF THE HAWAII STATE CONSTITUTION.

Proposes a constitutional amendment to authorize the State to issue SPRBs and use the proceeds from the bonds to assist agricultural businesses operating on important agricultural land.

RELATING TO SPECIAL PURPOSE REVENUE BONDS.

Allows the authorization of special purpose revenue bonds for certain agricultural enterprises that construct or renovate irrigation systems or infrastructure that directly benefit and serve important agricultural lands.

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST MAUI LAND AND PINEAPPLE COMPANY, INC.

Authorizes special purpose revenue bonds for Maui Land and Pineapple Company, Inc.

MAKING AN APPROPRIATION FOR THE STATE AGRICULTURAL WATER USE AND DEVELOPMENT PLAN.

Appropriates funds for the state agricultural water use and development plan.

RELATING TO AGRICULTURE.

Appropriates $4,000,000 for drought mitigation projects in each county.

RELATING TO TAXATION.

Creates a general excise tax credit for capital investments made to renovate or construct agricultural infrastructure supporting IALs.

RELATING TO THE GENERAL EXCISE TAX.

Provides a general excise tax exemption for rental income collected from a lessee that is actively engaged in farming.

RELATING TO AGRICULTURE.

Transfers management of agricultural lands and state irrigation systems, and agricultural marketing duties from the Department of Agriculture to the Agribusiness Development Corporation. Requires transfers of non-agricultural park lands to the corporation by July 1, 2007. Establishes an irrigation repair and maintenance special fund. Establishes a tax credit for matching funds provided by landowners who receive funding from the special fund.

RELATING TO AGRICULTURE.

Authorizes the agribusiness development corporation to issue revenue bonds to obtain agricultural land in Waialua from the Galbraith Estate. Enables the agribusiness development corporation to contract with banks to provide lease management services. Allows corporation to lease agricultural lands in Waialua for up to 55 years.

RELATING TO AGRICULTURAL LAND.

Appropriates funds to create a master plan for a 150-acre parcel in Royal Kunia on the island of Oahu.

RELATING TO AGRICULTURAL LEASES.

Specifies that for reopenings of agricultural park leases, appraisals shall be based on highest and best use determined through an agricultural income capitalization approach considering the potential yield from the property.

RELATING TO NON-AGRICULTURAL PARK LANDS.

Allows the Board of Agriculture to manage, develop, and dispose of public lands set aside by a Governor's executive order to the Department of Agriculture. Expressly authorizes the DOA to manage non-agricultural park lands to the same extent it is authorized to manage agricultural parks under its control.

RELATING TO OFFENSES AGAINST PROPERTY RIGHTS.

Establishes intentionally and knowingly damaging the agricultural or aquacultural equipment, supplies, or products of another as the crime of criminal property damage.

RELATING TO DEPARTMENT OF AGRICULTURE LOANS.

Increases from $25, 000 to $75, 000 the chairperson's authority to approve agricultural loans and aquacultural loans.

MAKING AN APPROPRIATION FOR AGRICULTURAL RESEARCH AND MARKET DEVELOPMENT.

Appropriates $1,000,000 for Hawaii Farm Bureau Federation to conduct agricultural research and market development.

RELATING TO AGRICULTURE.

Appropriates interim funding for the fruit fly eradication program.

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Senator Russell S. Kokubun