SB3049

Report Title:

Revenue Bonds; Ferry System

 

Description:

Authorizes revenue bonds for a ferry system between Iroquois Point and Ford Island to Aloha Tower and Hilton Hawaiian Village Pier.

THE SENATE	S.B. NO.	3049
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 the ferry system from Iroquois Point to Aloha Tower proved beneficial to many Oahu commuters. The department of transportation has already obtained a $30 million grant for a terminal and a 750-car parking lot on the site. All that is needed now are the ferries.

The legislature finds and declares that the issuance of special facility 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 266-55, Hawaii Revised Statutes, mandating that special facility revenue bonds be issued as revenue bonds under part III of chapter 39, Hawaii Revised Statutes, the department of transportation, with the approval of the governor, is authorized to issue special facility revenue bonds in a total amount not to exceed $10,000,000, in one or more series for the purpose of providing ferries for a ferry service between Iroquois Point and Ford Island to Aloha Tower and Hilton Hawaiian Village Pier on the Island of Oahu.

SECTION 3. The special facility 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 special facility revenue bond proceeds authorized by this Act the sum of $10,000,000, 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 transportation.

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:	_____________________________