Report Title:

Affordable Rental Housing; Kukui Garden; General Obligation Bonds

Description:

Authorizes the issuance of general obligation bonds to acquire an interest in Kukui Gardens.  (SD1)

THE SENATE	S.B. NO.	1987
TWENTY-FOURTH LEGISLATURE, 2007		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

Relating to affordable Rental housing.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The purpose of this Act is to authorize the issuance of general obligation bonds for the purchase of real property at Kukui Gardens.

     SECTION 2.  The director of finance is authorized to issue general obligations bonds in the sum of $          , or so much thereof as may be necessary, and the same sum, or so much thereof as may be necessary, is appropriated for fiscal year 2007-2008, to acquire an interest in the land and improvements of the Kukui Gardens property, tax map key (I) 1‑7‑26:07.

     The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2050.