Report Title:

Land Conservation Fund; Agricultural Easements; Debt Service

 

Description:

Authorizes the use of the land conservation fund for the acquisition of agricultural easements and for the payment of debt service on bonds issued for acquisitions using the fund.

 


THE SENATE

S.B. NO.

1094

TWENTY-FOURTH LEGISLATURE, 2007

 

STATE OF HAWAII

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to the land conservation fund.

 

 

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

 


     SECTION 1.  Section 173A-5, Hawaii Revised Statutes, is amended by amending subsection (g) to read as follows:

     "(g)  The fund shall be used for:

     (1)  The acquisition of interests or rights in land having value as a resource to the State, whether in fee title or through the establishment of permanent conservation easements under chapter 198[; and] or agricultural easements;

     (2)  The payment of any debt service relating to the acquisition of interests or rights in land having value as a resource to the State; and

    [(2)] (3)  Annual administration costs for the fund, not to exceed five per cent of annual fund revenues of the previous year."

     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  Statutory material to be repealed is bracketed and stricken.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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