Report Title:

Special Purpose Revenue Bonds for Processing Enterprises

 

Description:

Authorizes the department of budget and finance to issue up to $10,000,000 in Special Purpose Revenue Bonds for the purpose of assisting Poaka, Incorporated in the planning and building of a food processing plant.

 

HOUSE OF REPRESENTATIVES

H.B. NO.

2248

TWENTY-FIRST LEGISLATURE, 2002

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to special purpose revenue bonds for processing enterprises.

 

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

SECTION 1. Act 266, Session Laws of Hawaii 2000, is amended by amending section 2 to read as follows:

"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 $10,000,000, in one or more series, for the purpose of assisting [Kauai Coffee Company, Incorporated] Poaka, Incorporated in planning and building a food processing plant[. for freeze dried coffee,] at a site to be determined[; provided that the department of budget and finance shall:

(1) Evaluate Kauai Coffee Company Inc.'s application for financing of the processing plant using the information submitted on Form P-501, entitled "Formal Application for Financing of an Processing Enterprise", dated June 1, 1999, and

(2) Report its findings and recommendations to the legislature not less than twenty days before the convening of the Regular Session of 2001;

before issuing special purpose revenue bonds under this Act].

The legislature finds and determines that the planning and building of a food processing plant [to freeze dry coffee] constitutes a processing enterprise project as defined in part IV, chapter 39A, Hawaii Revised Statutes, and is in the public interest."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

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

INTRODUCED BY:

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