HI HB867

Authorizes the director of finance to issue general obligation bonds to support the Pacific International Space Center for Exploration Systems' basalt rebar initiative for fiscal year 2015-2016.

Funds will support construction of a basalt rebar plant and engineering assessments of manufactured basalt rebar, with the plant initially using imported basalt fibers.

Basalt rebar weighs 25 percent less and is 200 percent stronger than steel rebar, reducing steel rebar imports and supporting the state's goal to create 80,000 new technology jobs paying $80,000 or above by 2030.

Appropriated funds shall not lapse at the end of the fiscal biennium; however, any moneys unencumbered as of June 30, 2018 shall lapse on that date.

Act takes effect on February 19, 2025.