Report Title:

SPRB; West Hawaii Recovery Systems, LLC

 

Description:

Authorizes issuance of $15,000,000 in special purpose revenue bonds for West Hawaii Recovery Systems, LLC.

 

THE SENATE

S.B. NO.

1558

TWENTY-FIRST LEGISLATURE, 2001

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the issuance of special purpose revenue bonds.

 

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

SECTION 1. The county of Hawaii has recently completed a request for proposal procedure to provide cost-effective and long-term solutions to the management of municipal solid waste in East Hawaii. The proposal submitted by West Hawaii Recovery Systems, LLC, proposes a multi-prong approach to provide environmentally acceptable solutions to manage East Hawaii’s municipal solid waste, including a landfill, hauling, waste separation, diversion, recycling, composting and Startech's Plasma Waste Converter (PWC) to handle solid waste in East Hawaii.

The legislature finds that West Hawaii Recovery Systems, LLC, will meet all permitting requirements from the county land use authorities, the state department of health, and the federal government prior to the construction of the main transfer station, landfill, recycling plant, installation of the PWC, and the operation of municipal solid waste collection, compaction and hauling operations.

For the foregoing reasons the legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and is beneficial to the public health, safety, and general welfare.

The legislature further finds that part IV, chapter 39A, Hawaii Revised Statutes, permits the State to financially assist processing enterprises through the issuance of special purpose revenue bonds and 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 of the State. The special purpose revenue bonds authorized under this Act will provide low interest rate bond financing for West Hawaii Recovery Systems, LLC, to develop a transfer station and solid waste disposal system in East Hawaii.

SECTION 2. Pursuant to part IV, 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 $15,000,000, in one or more series, for the purpose of assisting West Hawaii Recovery Systems, LLC, to develop a transfer station and solid waste disposal system in East Hawaii.

The legislature finds and declares that the issuance of special purpose revenue bonds under this Act constitutes a processing enterprise project as defined in part IV, chapter 39A, Hawaii Revised Statutes, and is in the public interest and general welfare of the State.

SECTION 3. The special purpose revenue bonds issued under section 2 of this Act shall be issued pursuant to part IV, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist processing enterprises.

SECTION 4. The department of budget and finance is authorized to issue from time to time, 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.

SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2004.

SECTION 6. This Act shall take effect upon its approval.

INTRODUCED BY:

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