HI SB1042

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed a specified amount to assist SunStrong LLC in developing and installing renewable energy projects in Hawaii.

Declares that renewable energy projects constitute a public interest project under Hawaii Revised Statutes Chapter 39A, Part V, and that financing such projects is assistance to an industrial enterprise.

Allows the Department of Budget and Finance to issue refunding bonds subsequent to June 30, 2020, to refinance the authorized bonds in compliance with federal tax-exemption requirements.

Establishes June 30, 2020, as the expiration date for the authorization to issue special purpose revenue bonds under this Act.

Takes effect on July 1, 2015.