Report Title:

SPRB; Central Oahu Recycling and Disposal Facility, Inc.

 

Description:

Authorizes issuance of $25,000,000 in special purpose revenue bonds for Central Oahu Recycling and Disposal Facility, Inc. (HB2731 HD1)

HOUSE OF REPRESENTATIVES

H.B. NO.

2731

TWENTY-FIRST LEGISLATURE, 2002

H.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the issuance of special purpose revenue bonds for central oahu recycling and disposal facility, inc.

 

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

SECTION 1. The legislature finds that Central Oahu Recycling and Disposal Facility, Inc., is proposing a privately operated solid waste recycling and disposal facility at a site that is expected to last approximately seventy-five years. The special purpose revenue bonds authorized under this Act will provide low interest rate bond financing for the development of a private solid waste recycling and disposal facility in central Oahu at Kunia, Lot No. M-8-B Land Court Award #1069 TCT 15, 790 on approximately one hundred acres located at tax map key (1) 9-2-004, portion of 5.

The legislature further finds that the proposed project may assist in achieving integrated solid waste management planning goals consistent with section 226-15, Hawaii Revised Statutes.

The legislature finds and declares 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 people of the State.

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 $25,000,000, in one or more series for the purpose of assisting Central Oahu Recycling and Disposal Facility, Inc., a Hawaii corporation, in acquiring land, planning, designing, and constructing a private solid waste recycling and disposal facility on the island of Oahu.

The legislature finds and determines that:

    1. The acquisition of land, plans, design, and construction for a private solid waste recycling and disposal facility constitutes a "project" as defined in part IV, chapter 39A, Hawaii Revised Statutes;
    2. The financing thereof is assistance to a processing enterprise; and
    3. The facility is in the public interest and general welfare of the State.

SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under 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 special purpose revenue bonds, from time to time, including times subsequent to June 30, 2005, in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2. In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.

SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2005.

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