THE SENATE

S.B. NO.

1223

THIRTY-SECOND LEGISLATURE, 2023

S.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST MAUIGROWN COFFEE, INC.

 

 

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

 

     SECTION 1.  The legislature finds that Act 116, Session Laws of Hawaii 2017, authorized the issuance of special purpose revenue bonds to assist MauiGrown Coffee, Inc., a Hawaii corporation, to expand the operation of its coffee farm and mill in Puukolii, Maui.  The authorization to issue special purpose revenue bonds lapsed on June 30, 2022.

     The purpose of this Act is to reauthorize and renew the issuance of special purpose revenue bonds to assist MauiGrown Coffee, Inc., pursuant to Act 116, Session Laws of Hawaii 2017, until June 30, 2028.

     SECTION 2.  Pursuant to part X, 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 $           in one or more series, for the purpose of assisting MauiGrown Coffee, Inc., a Hawaii corporation, with the expanded operation of its coffee farm and mill in Puukolii, Maui.  The legislature hereby finds and determines that this expansion constitutes a project as defined in part X, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an agricultural enterprise.

     SECTION 3.  The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part X, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist agricultural enterprises.

     SECTION 4.  The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2028, 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 section 2 of this Act 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 of this Act.  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, 2028.

     SECTION 6.  The authorization of special purpose revenue bonds pursuant to this Act shall be made notwithstanding any limitation in Act 182, Session Laws of Hawaii 2022.

     SECTION 7.  This Act shall take effect on July 1, 2050.

 

 

Report Title:

Special Purpose Revenue Bonds; Maui; MauiGrown Coffee, Inc.

 

Description:

Authorizes a new issuance of special purpose revenue bonds in the amount of $30 million, to assist MauiGrown Coffee, Inc. with the operation and expansion of its farm and mill.  Effective 7/1/2050.  (SD1)

 

 

 

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