THE SENATE

S.B. NO.

2544

TWENTY-FIFTH LEGISLATURE, 2010

S.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HONOLULU SEAWATER AIR CONDITIONING LLC PROJECTS ON THE ISLAND OF OAHU.

 

 

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

 

     SECTION 1.  Act 79, Session Laws of Hawaii 2005, is amended by amending section 4 to read as follows:

     "SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to [June 30, 2010,] June 28, 2015, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2.

     In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section."

     SECTION 2.  Act 79, Session Laws of Hawaii 2005, is amended by amending section 5 to read as follows:

     "SECTION 5.  The authorization to issue special purpose revenue bonds under this Act shall lapse on [June 30, 2010.] June 28, 2015."

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on June 29, 2010.

 

 

 

Report Title:

SPRB; Honolulu Seawater Air Conditioning LLC

 

Description:

Extends the authorization to issue special purpose revenue bonds for Honolulu Seawater Air Conditioning LLC.  (SD1)

 

 

 

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