SB3048

Report Title:

Revenue Bonds; Military Visitor Attraction

 

Description:

Authorizes revenue bonds to build a world class destination visitor attraction on Ford Island to tell the Navy-Marine Corps story in World War II.

THE SENATE	S.B. NO.	3048
TWENTY-FIRST LEGISLATURE, 2002
STATE OF HAWAII

A BILL FOR AN ACT

 

relating to bonds.

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

SECTION 1. The legislature finds that that State needs to promote the military stories of Hawaii, including that of the Navy and Marine Corps during World War II. The State proposes to build a world class destination visitor attraction on Ford Island to tell the Navy-Marine Corps story in World War II. The attraction will include live and interactive exhibits of World War II planes, ships, and submarines, and a tea garden dedicated in memory of the Japanese interment during World War II. The visitor attraction will attract 1.5 million visitors to Hawaii.

The legislature finds and declares that the issuance of revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare of the State.

SECTION 2. Pursuant to section Chapter 39A, part , Hawaii Revised Statutes, the department of business, economic development, and tourism, with the approval of the governor, is authorized to issue revenue bonds in a total amount not to exceed $75,000,000, in one or more series for the purpose of building a world class destination visitor attraction on Ford Island to tell the Navy-Marine Corps story in World War II.

SECTION 3. The revenue bonds issued under this Act shall be issued pursuant to part III of chapter 39, Hawaii Revised Statutes.

SECTION 4. There is appropriated out of the revenue bond proceeds authorized by this Act the sum of $75,000,000, or so much thereof as may be necessary for fiscal year 2002-2003, to carry out the purposes of this Act.

The sum appropriated shall be expended by the Department of business, economic development, and tourism.

SECTION 5. Any unexpended or unencumbered balance of the appropriation made by this Act as of the close of business on June 30, 2005, shall lapse into the general fund.

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

INTRODUCED BY:	_____________________________