HI HB2680

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $10,000,000 to finance the Kaloko reservoir project for the Mary N. Lucas Estate.

Approved bond proceeds may be used for planning, permitting, designing, constructing, and equipping the reservoir's dam, upgrading associated infrastructure, and acquiring neighboring properties and water system rights necessary to operate the water system.

Bonds are issued pursuant to Act 147, Session Laws of Hawaii 2012, which authorizes special purpose revenue bonds to assist dam and reservoir owners.

Department is authorized to issue refunding bonds after June 30, 2021, to refinance the original bonds and any subsequent refunding bonds, subject to federal tax-exemption requirements.

Authorization to issue bonds under this Act expires on June 30, 2021, and the Act takes effect on July 1, 2016.