THE SENATE

S.B. NO.

1276

TWENTY-EIGHTH LEGISLATURE, 2015

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST NOT-F0R-PROFIT PRIVATE NONSECTARIAN AND SECTARIAN ELEMENTARY SCHOOLS, SECONDARY SCHOOLS, COLLEGES, AND UNIVERSITIES SERVING THE GENERAL PUBLIC.

 

 

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

 


PART I

     SECTION 1.  The legislature finds and declares that the issuance of special purpose revenue bonds under this part is in the public interest and for the public health, safety, and general welfare.

     SECTION 2.  Pursuant to part VIII, 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 $50,000,000, in one or more series, for the purpose of assisting the Ohana & Friends Of West Oahu's Botanical & Zoological Center, a not-for-profit Hawaii corporation, for development of an education facility in West Oahu.  The legislature hereby finds and determines that development of an education facility in West Oahu constitutes a project as defined in part VIII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities serving the general public.

PART II

     SECTION 3.  The legislature finds and declares that the issuance of special purpose revenue bonds under this part is in the public interest and for the public health, safety, and general welfare.

     SECTION 4.  Pursuant to part VIII, 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 $50,000,000, in one or more series, for the purpose of assisting the Ohana & Friends Of West Oahu's Cultural & Historical Center, a not-for-profit Hawaii corporation, for development of an education facility in West Oahu.  The legislature hereby finds and determines that development of an education facility in West Oahu constitutes a project as defined in part VIII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities serving the general public.

PART III

     SECTION 5.  The legislature finds and declares that the issuance of special purpose revenue bonds under this part is in the public interest and for the public health, safety, and general welfare.

     SECTION 6.  Pursuant to part VIII, 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 $50,000,000, in one or more series, for the purpose of assisting the Ohana & Friends Of West Oahu's Education & Research Center, a not-for-profit Hawaii corporation, for development of an education facility in West Oahu.  The legislature hereby finds and determines that development of an education facility in West Oahu constitutes a project as defined in part VIII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities serving the general public.

PART IV

     SECTION 7.  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.

     SECTION 8.  Pursuant to part VIII, 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 $50,000,000, in one or more series, for the purpose of assisting the Ohana & Friends Of West Oahu's Entertainment & Recreation Center, a not-for-profit corporation, for development of an education facility in West Oahu.  The legislature hereby finds and determines that development of an education facility in West Oahu constitutes a project as defined in part VIII, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities serving the general public.

PART V

     SECTION 9.  The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities serving the general public.

     SECTION 10.  The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2020, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in sections 2, 4, 6, and 8 and to refund special purpose revenue bonds authorized in these sections, 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 sections 2, 4, 6, and 8.  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 11.  The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2020.

     SECTION 12.  This Act shall take effect on July 1, 2015.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

SPRBS; Education

 

Description:

Authorizes the issuance of SPRBs to assist Ohana & Friends of West Oahu to develop education facilities in West Oahu.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.