HI SB2804

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds up to $10,000,000 to assist Big Island Dairy, LLC, a Hawaii limited liability company.

Bonds may be used to finance, refinance, and reimburse costs for planning, design, and construction of a new milk processing facility and related appurtenances.

Bonds are issued pursuant to part X, chapter 39A, Hawaii Revised Statutes, and are classified as assistance to an agricultural enterprise.

Department is authorized to issue refunding bonds after June 30, 2021, to refinance the original bonds in compliance with federal tax exemption requirements.

Authorization to issue bonds expires on June 30, 2021; Act takes effect on July 1, 2016.