HI HB2559

Authorizes the department of budget and finance to issue special purpose revenue bonds not to exceed $25,000,000 to assist SpinLaunch Inc., in financing an electrically powered, kinetic launch system for small satellites.

Bonds may be used for planning, design, construction, equipment acquisition, and land acquisition for the satellite launch system in Hawaii.

Authorization to issue bonds expires on June 30, 2023, though department may issue refunding bonds after that date to refinance outstanding bonds.

Legislature finds the satellite launch system will create jobs, reduce space access costs, eliminate chemical rocket fuel pollution, and advance commercial space industry development in Hawaii.

Act takes effect July 1, 2112.