HI HB1313

Department of Budget and Finance authorized to issue special purpose revenue bonds not to exceed $15,000,000 to assist Windward Nazarene Academy, a Hawaii not-for-profit corporation.

Bonds may be used for purchase of land and facilities, and for planning, construction, improvement, equipping, and renovation of educational facilities in Hawaii.

Bonds issued pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, relating to financing for private nonsectarian or sectarian schools that serve the general public.

Department authorized to issue refunding bonds subsequent to June 30, 2016, in amounts necessary to refund the authorized bonds and comply with federal tax-exemption requirements.

Authorization to issue bonds lapses on June 30, 2016; Act takes effect July 1, 2011.