Report Title:

Agribusiness Development Corporation

Description:

Clarifies that revenue bonds issued by the agribusiness development corporation to enable the purchase of private agricultural lands shall not be subject to state or local taxation.

THE SENATE	S.B. NO.	80
TWENTY-FIFTH LEGISLATURE, 2009
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO AGRIBUSINESS DEVELOPMENT CORPORATION.

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

     SECTION 1.  Section 163D-9, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

     "(a)  The corporation, with the approval of the governor, may issue, from time to time, revenue bonds in amounts not exceeding the total amount of bonds authorized to be issued by the legislature for the purpose of constructing, acquiring, remodeling, furnishing, and equipping any project facility, including the acquisition of the site thereof; acquiring agricultural lands through purchase to sustain and preserve viable agricultural enterprises within a contiguous geographic area; or acquiring agricultural lands for the protection of agricultural lands, public land banking, or the promotion of farm ownership and diversified agriculture.  Revenue bonds issued to enable the purchase of private agricultural lands for purposes of this subsection shall not be subject to state or local taxation."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________