S.B. 1115 Summary

• Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not exceeding $40,000,000 to assist Saint Louis School, a Hawaii not-for-profit corporation, with financing or refinancing educational facilities.

• Bonds may be issued in one or more series for planning, construction, improvement, and equipping of Saint Louis School's educational facilities throughout Hawaii.

• Bonds shall be issued pursuant to part VIII, chapter 39A, Hawaii Revised Statutes, which governs special purpose revenue bonds for private educational institutions serving the general public.

• Department of Budget and Finance may issue refunding bonds after June 30, 2016, to refinance outstanding bonds without principal amount limitations, subject to federal tax exemption requirements.

• Authorization to issue bonds expires on June 30, 2016.