Bill > SB2077

This bill authorizes the issuance of up to $40,000,000 in special purpose revenue bonds, which are a type of bond issued for specific projects that benefit the public, to assist Fenix Space, Inc., a company involved in space launch activities. These bonds will fund the planning, design, procurement, and construction of a Fenix launch platform system and a Fenix Space Hilo flight operations facility, which will include offices, a clean room for preparing payloads, and hangar space with specialized equipment, to be located at Hilo International Airport. The bill clarifies that these projects are considered a "project" under Hawaii Revised Statutes, part V, chapter 39A, which governs the issuance of such bonds to assist industrial enterprises. It also overrides previous legislative acts regarding the allocation of state ceiling for these bonds, allowing them to be issued between July 1, 2026, and December 31, 2028, and permits the department of budget and finance to issue refunding bonds to refinance these initial bonds, ensuring compliance with federal tax laws. The authorization to issue these bonds will expire on June 30, 2031, and the act will take effect on July 1, 2026.