Bill > SB1547

This bill authorizes the Hawaii Department of Budget and Finance to issue special purpose revenue bonds (SPRBs) to support Aloun Kauai Farming LLC in developing an integrated dairy project. Specifically, the bill allows the department to issue bonds up to an unspecified maximum amount between July 1, 2025, and December 31, 2028, to help the agricultural enterprise with planning, design, construction, and maintenance of its dairy facilities. The legislature declares this bond issuance to be in the public interest and for the public health, safety, and general welfare. The bonds will be issued under Part X, Chapter 39A of Hawaii Revised Statutes, which governs special purpose revenue bonds for agricultural enterprises. The department is also authorized to issue refunding bonds to refinance the original bonds, even after June 30, 2030, while complying with federal tax law. The authorization to issue these special purpose revenue bonds will lapse on June 30, 2030, though the bill humorously (and likely erroneously) lists its effective date as July 1, 3000.

Agriculture and Natural Resources, Budget and Finance

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1547&year=2025