REPORT TITLE:
SPRB; Hawaii Taro Company


DESCRIPTION: Authorizes the issuance of $8 million in special
purpose revenue bonds for Hawaii Taro Company.


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        2000 
HOUSE OF REPRESENTATIVES                H.B. NO.           
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                   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:

 1      SECTION 1.  The legislature finds that the Hawaii Taro
 
 2 Company operation on the island of Maui is positioned for strong
 
 3 growth.  The company currently produces taro burgers which are
 
 4 sold to restaurants and stores in Hawaii.  They are also
 
 5 negotiating with local institutions and fast food franchises to
 
 6 carry their products in Hawaii and on the mainland.
 
 7      With a larger processing facility, Hawaii Taro Company will
 
 8 be able to increase its volume of production and create new jobs
 
 9 both in the processing of taro products and the growing of taro
 
10 for production of value added food products.
 
11      The legislature finds and declares that the issuance of
 
12 special purpose revenue bonds under this Act constitutes a
 
13 processing enterprise pursuant to part IV, chapter 39A, Hawaii
 
14 Revised Statutes, and is in the public interest.
 
15      SECTION 2.  Pursuant to part IV, chapter 39A, Hawaii Revised
 
16 Statutes, the department of budget and finance, with the approval
 
17 of the governor, is authorized to issue special purpose revenue
 
18 bonds in the total amount not to exceed $8,000,000, in one or
 

 
Page 2                                                     2000
                                     H.B. NO.           
                                                        
                                                        

 
 1 more series, for the purpose of assisting Hawaii Taro Company in
 
 2 planning and building a processing plant.
 
 3      SECTION 3.  The special purpose revenue bonds issued under
 
 4 section 2 of this Act shall be issued pursuant to part IV,
 
 5 chapter 39A, Hawaii Revised Statutes, relating to the power to
 
 6 issue special purpose revenue bonds to assist processing
 
 7 enterprises.
 
 8      SECTION 4.  The department of budget and finance is
 
 9 authorized to issue from time to time, refunding special purpose
 
10 revenue bonds authorized in such principal amounts as the
 
11 department shall determine to be necessary to refund the special
 
12 purpose revenue bonds authorized in section 2.
 
13      SECTION 5.  The authorization to issue special purpose
 
14 revenue bonds under this Act shall lapse on June 30, 2003.
 
15      SECTION 6.  This Act shall take effect upon its approval.
 
16 
 
17                           INTRODUCED BY:  _______________________