HB1716

SECTION 1. 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’s general welfare.

SECTION 2. Pursuant to part VII and VIII, 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 the total amount not to exceed $30,000,000, in one or more series, for the purpose of assisting Kanu O Ka Aina, a Hawaii not-for-profit corporation, to finance the construction of its educational community development facilities in the State of Hawaii. The legislature finds that the construction of facilities of Kanu O Ka Aina constitutes a project for purposes of part VII and VIII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a not-for-profit community development project that serves the general public by providing early childhood education and care facilities, elementary schools, secondary schools, colleges and universities.

SECTION 3. The special purpose revenue bonds authorized by this Act shall be issued pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public.

SECTION 4. The special purpose revenue bonds issued under this Act may be issued in one or more series for a single project, multiple projects, a single-project party, or multiple-project parties pursuant to the authority of this Act or the combined authority of this Act and any one or more other separate acts of the legislature pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, and the department of budget and finance may combine into a single issue of special purpose revenue bonds, in one or more series, two or more proposed issues of special purpose revenue bonds to be issued pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, separately authorized, in the total amount not to exceed the aggregate of the proposed separate issues of special purpose revenue bonds.

SECTION 5. The department of budget and finance is further authorized to issue from time to time, including times subsequent to June 30, 2011, refunding special purpose revenue bonds authorized in such principal amounts as the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2. Such refunding special purpose revenue bonds may be issued in one or more series for the refunding of the special purpose revenue bonds authorized in section 2 and may be combined into a single issue of refunding revenue special purpose revenue bonds, in one or more series, with refunding special purpose revenue bonds to be issued by the department to refund any other special purpose revenue bonds authorized by any one or more other separate acts of the legislature pursuant to part VIII, chapter 39A, Hawaii Revised Statutes.

SECTION 6. The authorization to issue special purpose revenue bonds under section 2 of this Act shall lapse on June 30, 2011.

SECTION 7. This Act shall take effect on July 1, 2007.

INTRODUCED BY:	_____________________________

HOUSE OF REPRESENTATIVES	H.B. NO.	1716
TWENTY-FOURTH LEGISLATURE, 2007
STATE OF HAWAII