REPORT TITLE:
SPRB; Hawaii Gold Cacao Tree


DESCRIPTION:
Authorizes the issuance of $10,000,000 in special purpose revenue
bonds for Hawaii Gold Cacao Tree.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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HOUSE OF REPRESENTATIVES                H.B. NO.           
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO AGRICULTURE.
 


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

 1      SECTION 1.  The legislature finds that the cessation of
 
 2 sugar operations in Hawaii has resulted in the loss of jobs and
 
 3 revenues to the State, the counties and to the citizens of
 
 4 Hawaii.  The land formerly devoted to the growing of sugar cane
 
 5 is now available for commercial growing of a diverse number of
 
 6 crops, including cacao seedlings, cacao trees and their cacao
 
 7 bean crop.  The establishment of new facilities in the State to
 
 8 process cacao beans and produce cacao and chocolate products
 
 9 would support the development of cacao nursery and farming
 
10 operations and the marketing and sales of cacao and chocolate
 
11 locally and for export.  Such facilities would create an
 
12 estimated one hundred new jobs directly in the processing and
 
13 production operations, as well as additional new jobs in related
 
14 nursery, farming, marketing and sales operations.  Due to the
 
15 economic conditions in the State, and the loss of many
 
16 agricultural jobs, the creation of new jobs is imperative at this
 
17 time.
 
18      The legislature also finds that it is particularly in the
 

 
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 1 public interest to encourage and promote the development of new
 
 2 agriculture-related enterprises where and when that opportunity
 
 3 presents itself.  The establishment of new facilities that can
 
 4 process cacao beans and produce cacao and chocolate products for
 
 5 use locally and for export is the type of enterprise that will
 
 6 provide such an opportunity for our State.  The cacao processing
 
 7 and cacao and chocolate production facilities proposed by Hawaii
 
 8 Gold Cacao Tree, Inc., in the county of Hawaii is an excellent
 
 9 example of the type of enterprise that the legislature finds to
 
10 be in the public interest.
 
11      The legislature finds and declares that the issuance of
 
12 special purpose revenue bonds under this Act is in the public
 
13 interest and for the public's general welfare.
 
14      SECTION 2.  Pursuant to part IV, chapter 39A, Hawaii Revised
 
15 Statutes, the department of budget and finance, with the approval
 
16 of the governor, is authorized to issue special purpose revenue
 
17 bonds in a total amount not to exceed $10,000,000, in one or more
 
18 series, for the purpose of assisting Hawaii Gold Cacao Tree,
 
19 Inc., to finance the establishment of facilities in the county of
 
20 Hawaii to process cacao beans and to manufacture and produce
 
21 cacao and chocolate products.  The legislature finds and
 
22 determines that the planning, construction, and equipping of
 

 
 
 
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                                     H.B. NO.           
                                                        
                                                        

 
 1 facilities to process cacao beans and to manufacture and produce
 
 2 cacao and chocolate products constitutes a project as defined in
 
 3 part IV, chapter 39A, Hawaii Revised Statutes, and the financing
 
 4 thereof is assistance to a processing enterprise.
 
 5      SECTION 3.  The special purpose revenue bonds issued under
 
 6 this Act shall be issued pursuant to part IV, chapter 39A, Hawaii
 
 7 Revised Statutes, relating to the power to issue special purpose
 
 8 revenue bonds to assist processing enterprises.
 
 9      SECTION 4.  The department of budget and finance is further
 
10 authorized to issue from time to time refunding special purpose
 
11 revenue bonds authorized in such principal amounts as the
 
12 department shall determine to be necessary to refund the special
 
13 purpose revenue bonds authorized in section 2.
 
14      SECTION 5.  The authorization to issue special purpose
 
15 revenue bonds under this Act shall lapse on June 30, 2003.
 
16      SECTION 6.  This Act shall take effect upon its approval.
 
17 
 
18                           INTRODUCED BY:  _______________________