HI SB1208

Establishes the agribusiness land and facilities special fund administered by the corporation to acquire and manage large tracts of former agricultural land in Hawaii.

Fund receives appropriations from the legislature, revenues from corporation operations, revenues from leasing and managing former agricultural land, and proceeds from revenue bonds.

Moneys in the fund shall be used for acquisition, operation, and maintenance costs of former agricultural lands and debt service on authorized revenue bonds.

Corporation may accept contributions of money, labor, materials, and property from any person or instrumentality for fund purposes.

Expenditures from the fund are exempt from chapter 42F and 103D requirements once the corporation adopts rules governing fund expenditures; effective July 1, 2017.