HI SB521

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds up to $45,000,000 to assist Waimea Nui Community Development Corporation, a private not-for-profit community development corporation.

Bonds may finance planning, acquisition, and construction of agriculture, renewable energy, and educational facilities including bioenergy systems, micro-grids, agricultural processing facilities, water systems, aquaculture facilities, and related infrastructure.

Permits refunding of the authorized bonds and any refunding bonds issued thereafter, with authority extending beyond June 30, 2020 for refunding purposes only.

Bonds must comply with federal law regarding tax-exempt bond interest and constitute assistance to a not-for-profit private community development corporation serving the general public.

Authorization to issue new bonds lapses on June 30, 2020; Act takes effect July 1, 2015.