THE SENATE	S.B. NO.	2277
TWENTY-EIGHTH LEGISLATURE, 2016
STATE OF HAWAII

A BILL FOR AN ACT

relating to the issuance of special purpose revenue bonds for goodwill industries of hawaii, inc.

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

     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 health, safety, and general welfare.

     SECTION 2.  Pursuant to part V, 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 a total amount not to exceed $20,000,000, in one or more series, for the purpose of assisting Goodwill Industries of Hawaii, Inc., a Hawaii not-for-profit corporation and one or more of its not-for-profit affiliates, in financing, refinancing, and reimbursing costs related to the planning, acquisition, and construction of facilities, including but not limited to improvements consisting of warehouse, classrooms, and administrative offices and retail outlet and training facilities; the renovation of existing facilities; the acquisition of equipment, furnishings, and apparatus; the purchase of tangible assets, including land and improvements; the acquisition and installation of information technology; and other capital related projects for the use of, or for, or to assist Goodwill Industries of Hawaii, Inc. and any one or more of its not-for-profit affiliates in the conduct of its industrial enterprise activities in the State.  Said costs shall also include, without limitation, any costs that are necessarily or advisably incurred in order to provide such assistance or that are directly or indirectly related to any of the items enumerated in the preceding sentence.  The legislature hereby finds and determines that the aforementioned activities and facilities of Goodwill Industries of Hawaii, Inc. and its not-for-profit affiliates constitute projects as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an industrial enterprise.

     SECTION 3.  The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part V, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to finance, in whole or in part, the cost of facilities, of, or for, or to loan the proceeds of such bonds to assist a project party, which is defined in part V, chapter 39A, Hawaii Revised Statutes, as a person, firm, or corporation qualified to do business in the State and conducting or proposing to conduct an industrial enterprise in the State.

     SECTION 4.  The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2021, 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 5.  The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2021.

     SECTION 6.  This Act shall take effect on July 1, 2016.

INTRODUCED BY:

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Report Title:

Special Purpose Revenue Bonds; Goodwill Industries of Hawaii, Inc.

Description:

Authorizes the issuance of special purpose revenue bonds to assist Goodwill Industries of Hawaii, Inc.

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